Toyota initiated with a Market Perform at Bernstein

Bernstein initiated coverage of Toyota (TM) with a Market Perform rating. The firm initiated the Japan autos and auto parts sector with a bearish view. While sector-wide valuations already reflect cautious outlook with declining sales and loss in market share, Bernstein sees greater need to be selective in this space given geopolitical risks in short term and the electrified propulsion vehicle transition in mid-to-long term, the analyst tells investors in a research note.