<div id="readability-page-1"><p>12:40 AM EST, 12/24/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:</p><p>We raise our 12-month target price to USD230 (from USD225), which is based on an FY 26 (Mar.) P/E multiple of 14.0x. This valuation reflects a balanced assessment of the company's resilient underlying business, demonstrated by its 5.8% first-half revenue growth, strong global demand for its hybrid vehicles, and robust balance sheet, against the significant, persistent headwinds that are capping near-term earnings potential, namely the profound JPY1.45 trillion full-year impact from U.S. tariffs and substantial foreign exchange losses. We adjust our FY 26 and FY 27 earnings per ADS estimates to JPY2,570 and JPY2,950 (from JPY160 and JPY184), respectively, implying that the company's ongoing cost reduction efforts and strategic investments will largely offset these external pressures, resulting in a stabilized earnings trajectory that, while diminished from prior years, supports the current valuation level without a clear catalyst for a significant upward re-rating of the stock over the coming year.</p> <p>MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</p></div>

TOYOF

7203

N6FD

<p>CFRA maintains a hold opinion on Toyota Motor Corporation, raising the 12-month target price to USD230. The valuation considers Toyota's resilient business, strong demand for hybrid vehicles, and robust balance sheet, despite challenges from U.S. tariffs and foreign exchange losses. Earnings estimates for FY 26 and FY 27 are adjusted, reflecting cost reduction efforts and strategic investments. No significant upward re-rating is expected over the next year.</p>

- CFRA has raised its 12-month target price to USD 230, reflecting a P/E multiple of 14.0x based on FY 26 earnings.  
- This valuation considers the company's strong revenue growth of 5.8% and demand for hybrid vehicles, balanced against adverse factors like U.S. tariffs and foreign exchange losses.  
- Adjustments to earnings estimates suggest that cost reduction and strategic investments will stabilize earnings, but no clear catalysts for significant upward stock re-rating are identified.

Research Alert: CFRA Maintains Hold Opinion On Ads Of Toyota Motor Corporation