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Toyota Motor Corp. (TM)

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Toyota Motor Corporation (TM) continues to play a pivotal role in the global market for fuel-efficient and environment-friendly vehicles. It also expects to benefit from its cost reduction measures and continued focus on the emerging markets.

The company saw a marked recovery in the first quarter of its current fiscal year by posting a significant Y91.31 increase in earnings to Y91.68 per share ($1.14) due to strong demand for its vehicles and positive impact of cost reduction measures. For fiscal 2013, it expects higher consolidated revenues of Y22.00 trillion, operating income of Y1.00 trillion and profits of Y760.0 billion, compared with fiscal 2012.

Therefore, we continue with our Outperform recommendation on the stock and set a target price of $98.00. This target price, 14.0X our 2013 EPS estimate, reflects our positive outlook.

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