Nomura Securities Maintains a 'Buy' on Toyota Motor (TM); Superior Hybrids; Steady Cost Restructuring

Nomura Securities maintains a 'Buy' on Toyota Motor (NYSE: TM), PT Yen 3,900.

Analsyt Masataka Kunugimoto, said, "We commend Toyota’s superiority in hybrid vehicles and its steady behind-the-scenes cost restructuring. The stock is trading at 8x our EPS forecast for 14/3, by which time the impact of eco-car subsidies is likely to have disappeared, and this represents a heavy discount to the 11x average for the NOMURA 400 (ex financials). Over the medium term, we expect the full-fledged uptake of hybrid vehicles to play to Toyota’s technological superiority, and we also commend its cost restructuring moves based on a shift to local production, including for engines and transmissions. We obtain our target price of ¥3,900 by applying a target P/E of 11x to our 14/3 EPS forecast."

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 $79.61 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• Powell Industries (POWL) PT Lowered to $235 at Cantor Fitzgerald
• UBS Reiterates Buy Rating on NVIDIA (NVDA), Expects Q2 Revenue Beat