12:40 PM EDT, 05/09/2024 (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 trim our 12-month target price to USD260 from USD303, reflecting a FY 25 (Mar.) P/E of 12.5x on a lower FY 25 earnings per ADS estimate (earnings per ADS x 1.6; 1 ADS represents 10 common shares) of JPY203 (from JPY208). Toyota Motor Corporation ( TM ) posted FY 24 EPS of JPY229 vs. EPS of JPY112 in FY 23. Revenue improved 21% to JPY45 trillion, while operating profit expanded to JPY5.3 trillion from JPY2.7 trillion. We project a 3% average annual revenue expansion for FY 25-FY 26 on better pricing of its vehicles, supported by 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 operation at its plants in Venezuela and India is expected to improve in 2024. Hence, we reiterate our Buy opinion. We initiate our FY 26 EPS forecast at JPY213.