TOKYO, Oct 11 (Reuters) - The benchmark Nikkei average
fell 0.9 percent and the broader Topix lost 0.8 percent in early deals on Thursday. The following stock was on the move:
**SHIN-ETSU CHEMICAL GAINS AFTER NOMURA UPGRADE**
Shin-Etsu Chemical Co Ltd gained 1.4 percent to 4,375 yen after Nomura Securities upgraded its rating on the company to 'buy' from 'neutral', citing growth in demand for PVC in the United States.
The brokerage lifted its price target to 5,300 yen from 4,600 yen.
"U.S. indicators published at the beginning of October, including the ISM indices and employment statistics point to a greater likelihood that the U.S. economy and housing sales in particular will remain strong," Nomura said in a note.
"In response, we have raised our estimates for PVC demand in North America through 14/3, and hence raised our earnings forecasts for Shin-Etsu Chemical."
Nomura raised its operating profit forecast for Shin-Etsu by 3.5 percent to 179.5 billion yen for the business year ending March 2014.
(Reporting by Dominic Lau; Editing by Chris Gallagher)
Keywords: MARKETS JAPAN STOCKS HOT/