Goldman Sachs analyst Kota Yuzawa upgraded Toyota Motor (TM) to Buy with an increased price target of 8,500 yen.
The carmaker's U.S. shares closed yesterday up $3.36 to $131.31. While sales growth is unlikely amid increasing competition in the U.S. market, management has made it clear they will be focusing strongly on lowering costs, Yuzawa tells investors in a research note.
As such, the analyst expects Toyota to establish a "leaner earnings structure" over the next few years and improve its operating structure. Yuzawa also downgraded Honda Motor (HMC) to Neutral from Buy.
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