01:05 PM EDT, 03/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target to USD303 from USD250, reflecting a FY 2024 (Mar.) P/E of 13.8x on a higher FY 2024 earnings per ADS estimate (EPS) of JPY208 from JPY197 (1 ADS represents 10 common shares.). Toyota Motor Corporation ( TM ) posted 9M FY 24 EPS of JPY182 versus EPS of JPY87 in 9M FY 2023. Revenue improved 24% to JPY34 trillion, while operating profit expanded to JPY4.2 trillion from JPY2.1 trillion. We project a 20% average annual revenue recovery for FY 2024-FY 2025 on better pricing of its vehicles, supported by a diversified model line-up, but offset by the sluggish industry demand. The profitability outlook remains positive, given falling incentive trends in its core market in North America, consistent cost-reduction efforts, and rising revenue share from SUV models. We see tapering production risks in China, while operations at its plants in Venezuela and India are expected to improve in 2024. Hence, we keep our opinion at Buy. We also lift our FY 2025 EPS estimate to JPY209 from JPY198.