UPDATE: Citigroup Upgrades Toyota Motor Corporation to Buy on Yen Weakness
Citigroup upgraded Toyota Motor Corporation (NYSE: TM) from Neutral to Buy and raised its price target from $90.23 to $115.79.
Citigroup commented, "Toyota ADRs have risen as the yen has weakened. The ADR price rose above $89.41 at end-December for the first time since October 2010, hitting an intraday high of $96.68 on January 7, 2013. If the market focuses more on the likelihood of significant profit growth in FY3/14 due to yen weakness, the ADRs could get a further leg up. We therefore upgrade to Buy."
Toyota Motor Corporation closed at $96.80 on Monday.
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