Erste Group Downgrades Toyota Motor (TM) to Hold

Erste Group analyst Hans Engel downgraded Toyota Motor (NYSE: TM) from Buy to Hold.

The analyst comments "The positive trend in revenue and profit development continued in the final quarter of the 2024 financial year (4Q: January - March 2024). The operating margin increased to 10.1% (compared to 6.5% in the same quarter of the previous year). The Group plans to launch 10 new battery-electric car models by 2026. A new production strategy should make it possible to manufacture the cars sold from 2026 at significantly lower cost. Recently revealed manipulations with missing safety tests, including in models currently still on sale (Corolla Fielder, Corolla Axio and Yaris Cross), have resulted in sales of these vehicles being halted."

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 $199.35 yesterday.

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