Zacks Investment Research upgraded shares of Honda Motor Co. Ltd. (HMC) from NEUTRAL to OUTPERFORM on May 28, 2012, with a target price of $38.00.
Honda expects to benefits from its global network and business expansion in Asia. The automaker is well positioned to take advantage of stricter environment regulations given its long-term focus on hybrid vehicles. Given these factors and favorable model mix and effective cost reduction measures, the company anticipates a revival in sales and profits for fiscal 2013. Although it missed the Zacks Consensus Estimate by $0.14 per share, the company posted a steep 61% increase in profits to 71.6 billion ($871 million) in the fourth quarter of the fiscal 2012. As such, we have upgraded the recommendation on the shares of the company to Outperform from Neutral and set a target price of $38.00.
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