UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Toyota Motor Corp. on Move to Period of Stable Growth

In a report published Thursday, Jefferies analyst Takaki Nakanishi reiterated a Buy rating on

, and raised the price target from $133.62 to $139.80. In the report, Jefferies noted, “Toyota's share price has been recovering steadily after a severe undershoot in April, yet valuation still appears attractive. An expectation of further price appreciation is still reasonable, in our view, given the ability to increase dividends and share buybacks. A period of slow growth is inevitable; however, we rate positively management steps toward placing emphasis on maintaining appropriate financial leverage by raising the rate of shareholder returns.” Toyota Motor Corp. closed on Wednesday at $122.26.