Toyota downgraded to Hold from Buy at Erste Group

Erste Group downgraded Toyota (TM) to Hold from Buy. Toyota maintains higher profitability than peers, with return on equity and operating margins well above sector averages, supported by a strong global position and robust demand for hybrid vehicles, the analyst tells investors in a research note. While the company plans to expand production and sales in hybrids, high energy prices and weaker consumer confidence in key markets are expected to limit revenue growth in the new financial year, the firm says.