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BofA Raises Toyota Target Following News Of 2 EV Launches In 2021

BofA Raises Toyota Target Following News Of 2 EV Launches In 2021

Toyota Motor Corp (NYSE: TM) is poised to benefit in 2021 from increased focus on carbon neutrality and the shift to battery electric vehicles, according to BofA Securities.

The Toyota Motor Analyst: Kei Nihonyanagi maintained a Buy rating for Toyota, while raising the price target from 9,500 Japanese yens ($89.58) to 9,700 Japanese yens ($91.46).

The Toyota Motor Analyst: Management has made two announcements related to the U.S. market: the launch of two battery electric vehicles (BEV) in 2021 and electrification targets of 40% for 2025 and 70% for 2030, Nihonyanagi said in the note.

“We think Toyota will probably extend these plans/targets to the global arena and, given the current global acceleration in electrification, we would expect substantial revisions to the current sales target of >1mn ZEV (BEV + fuel-cell vehicles [FCV]) in 2030,” the analyst wrote.

“Production in Japan has been impacted by difficulties in obtaining parts after the 13 February earthquake, but we assume Toyota can catch up comfortably in FY3/22 even in our worst case,” he added.

TM Price Action: Shares of Toyota Motor declined by 0.2% to $152.45 on Wednesday.

(Photo: Toyota)

Latest Ratings for TM

Mar 2020UBSUpgradesNeutralBuy
Sep 2019Morgan StanleyDowngradesEqual-WeightUnderweight
Nov 2018JP MorganUpgradesNeutralOverweight

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