Downside risks to our target price include: a global manufacturing recession; a reduction in the Japanese government's various subsidy schemes to promote equipment purchases by local SMEs; yen strength (particularly against the euro) hurting price competitiveness relative to competitors in Europe; weaker-than-expected growth of demand for fiber lasers in Japan, North America, and other markets; and more aggressive discounting by Chinese OEMs in global markets. On the upside, any additional share buyback announcements could boost the shares, as could higher-than-expected spending on hardware and IoT by SMEs in Japan. Yen appreciation could also lift the shares. If these or other factors manifest themselves to a greater extent than we have anticipated, the share price may differ from our target price.