Toyota Motor Company (TYO: 7203) has its Buy Rating and price target retained by analyst
- Bank of America/Merrill Lynch analyst Kei Nihonyanagi found the company’s announcement of a partnership with China’s CATL surprising
- He added that Toyota was clearly more focussed on its China business now
Toyota Motor Company (TYO: 7203) saw its Buy rating and its $140.98 price target maintained by Bank of America/Merrill Lynch analyst Kei Nihonyanagi on Friday. This followed a Nikkei report that the company will enter a partnership with China’s automotive battery manufacturer CATL (SHE: 300750)
He stated in a note to investors that this was a little surprising, given Toyota’s announcement earlier this year that it was entering a joint venture with Panasonic (TYO: 6752) to make car batteries for electric cars.