Toyota downgraded to Hold from Outperform at CLSA

CLSA downgraded Toyota (TM) to Hold from Outperform with an unchanged 3,000 yen price target after Toyota reported 3QFY3/25 results on Wednesday and the market reacted “favorably.” Toyota “finally” lifted its conservative guidance to consensus and CLSA’s new expectations, says the firm, which adjusts its numbers for the Q3 miss and new accounting, while also wondering if Toyota is done with its dealer and supplier improvement charges or “if more can be expected next fiscal year.”