Shares of HTC plunge on outlook

HTC, the world’s No.4 smartphone maker, plunged by its daily 7 percent maximum limit on Monday after it unexpectedly slashed its revenue forecast for this year.
At 0118 GMT, HTC was down 7 percent at T$372.50 ($11.39), dragging the benchmark TAIEX share index <.TWII> down 0.30 percent, while the electronics sub-index <.TELI> declined 0.76 percent.

Many analysts including Merrill Lynch, Nomura, JP Morgan and Citi downgraded the company after it gave the weak outlook, saying they did not expect any recovery in the short term.

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