S&P Equity Research Downgrades Toyota Motors (TM) to Hold
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S&P Equity Research downgrades Toyota Motors (NYSE: TM) from Buy to Hold.
S&P analyst, E. Levy, says, "Mar-Q net income of JPY 317 billion vs. JPY 400B is below our JPY 446B estimate. Largely reflecting currency translation, amid a stronger yen and weakening U.S. market, we see sales for FY 09 (Mar.) falling 4% to JPY 25.25 trillion. We are also reducing our FY 09 earnings per ADS projection by $1.82 to $8.29, based a 104.8 JPY/$1 rate. We have a favorable view of TM's long-term growth prospects and balance sheet strength, and see rising dividends. But we lower our 12-month target price by $13 to $108 on revised P/E analysis, although we would hold TM for total return potential."
Toyota Motor Corporation (TOYOTA) primarily conducts business in the automotive industry. Toyota also conducts business in the finance and other industries. [SM]
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