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Should You Buy #1 (Strong Buy)-Ranked Toyota Motor Corporation (TM) for Your Portfolio?
Toyota Motor Corporation was upgraded to the Zacks Rank #1 list on March 7, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Founded in 1973, Japan-based Toyota Motor Corporation is one of the leading automakers in the world in terms of sales and production. Its product portfolio consists of a full range of models from passenger cars and minivans to trucks as well as related parts and accessories. Apart from combustion-engine vehicles, the company is also working on fuel cell and automated vehicles. It plans to offer a committed electrified model or an electrified option for customers of Toyota or Lexus models by 2025. The company’s operations are classified into three segments — Automotive (91% of net revenues from external customers in fiscal 2023), Financial Services (7.5%) and All Other (3.3%).
Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $3.54 to $23.06 per share. TM boasts an average earnings surprise of 67.6%.
Earnings are forecasted to see growth of 73.6% for the current fiscal year, and sales are expected to increase 10%.
TM has been moving higher over the past four weeks as well, up 8.4% compared to the S&P 500's gain of 3.1%.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Toyota Motor Corporation could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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