Analysts are becoming more optimistic toward Toyota Motor as fears retreat that the world’s biggest automaker is lagging in a shift to electric vehicles.
At least four companies, including Nomura Securities and Mizuho Securities, have raised their price targets for Toyota since the automaker unveiled details of battery development plans and other technologies last week, according to data compiled by Bloomberg. Nomura raised its price target to ¥3,100 from ¥2,650, the highest among analysts covering Toyota, the data shows. The stock closed at ¥2,218.5 on Wednesday.
Toyota’s shares had their best week in about seven years in the period to June 16 as the automaker showed a wide range of technologies under development, including next-generation batteries such as all-solid-state batteries (ASSBs). Some analysts see room for the rally to extend, as the firm is expected to post record operating profits in the year ending March 2024, helped by recovering production and a boost to its earnings from a weaker yen.