Toyota Motor (NYSE: TM) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report released on Tuesday. They currently have a $82.00 target price on the stock.
Zacks‘ analyst wrote, “Toyota Motor Corporation faces challenging market conditions in the Chinese and European markets. Further, strengthening yen is an issue that continues to mar its results. As a result, the company has lowered its sales guidance for fiscal 2013. However, the automaker continues to play a pivotal role in the global market for fuel-efficient and environment-friendly vehicles and benefits from its cost reduction measures. These factors led to more than threefold increase in profits to 257.92 billion ($3.28 billion) or 81.44 ($1.04) per share in the second quarter of the fiscal year. However, the company’s profits failed to meet the Zacks Consensus Estimate of $1.62 per share. As such, we have downgraded the recommendation on the shares from Outperform to Neutral and set a target price of $82.00.”
Toyota Motor traded down 0.10% on Tuesday, hitting $81.2648. Toyota Motor has a 52-week low of $60.37 and a 52-week high of $87.15. The company has a market cap of $128.7 billion and a price-to-earnings ratio of 17.62.
Toyota Motor last posted its quarterly earnings results on Monday, November 5th. The company reported $81.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $72.97 by $8.47. The company had revenue of $5,406.78 billion for the quarter, compared to the consensus estimate of $5,460.68 billion. During the same quarter in 2011, the company posted $25.65 earnings per share. Toyota Motor’s revenue was up 18.2% compared to the same quarter last year. On average, analysts predict that Toyota Motor will post $7.14 earnings per share for the current fiscal year.
A number of other firms have also recently commented on TM. Analysts at Credit Suisse upgraded shares of Toyota Motor from a “neutral” rating to an “outperform” rating in a research note to investors on Monday. Analysts at UBS AG initiated coverage on shares of Toyota Motor in a research note to investors on Friday, October 12th. They set a “buy” rating on the stock.
TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial business.
To view Zacks’ full report, visit www.zacks.com
Stay on top of analysts' coverage with our daily email newsletter that provides a concise list of analysts' upgrades, analysts' downgrades and analysts' price target changes for each day. Click here to register.