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Mixi Slumps After Goldman Sachs Cuts Rating to Sell: Tokyo Mover

Dec. 11 (Bloomberg) -- Mixi Inc., a Japanese game and social network operator, fell the daily limit in Tokyo trading after Goldman Sachs Group Inc. cut its recommendation to sell from neutral and said the shares have risen too high.

The stock fell 17 percent to 7,560 yen as of the close of trade. Shares of the Tokyo-based company had risen 661 percent from Nov. 19 through yesterday.

Mixi had surged on expectations of profit from its new smartphone game “Monster Strike” and the “YYC” social app, according to the Goldman note. “Monster Strike,” which allows up to four players to participate simultaneously, was ranked as the 29th most popular free game on iTunes today, according to the AppDB website.

The two apps would need to earn 26 billion yen ($253 million) in combined annual revenue to justify the current share price, according to the note.

Hiroyuki Osawa, a spokesman for Mixi, declined to comment by phone.

To contact the reporter on this story: Takashi Amano in Tokyo at tamano6@bloomberg.net

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net

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