Nomura Securities Upgrades Toyota Motor (TM) to Buy; See More V-Shaped Recovery

Nomura Securities upgraded Toyota Motor (NYSE: TM) from Neutral to Buy.

Nomura analyst, Masataka Kunugimoto, said, "We have raised our rating on Toyota Motor from “Neutral” to “Buy” as we now think the company is more likely to see a V-shaped recovery in earnings from 13/3. At 8x our 14/3 EPS forecast, the stock is trading to a heavy discount to the 11x average for the NOMURA 400 (ex financials), and we see little downside risk as the share price is below end-September 2011 BPS of ¥3,194. We calculate our target price by applying a market-average P/E of 11x to our 14/3 EPS forecast, yielding ¥3,700."

For an analyst ratings summary and ratings history on Toyota Motor click here. For more ratings news on Toyota Motor click here.

Shares of Toyota Motor closed at $68.20 yesterday.

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