Toyota's Fiscal 2018 2Q Gets Big Currency Help From Weaker Yen Against the Dollar
Toyota reported fiscal 2018 second quarter results that received considerable help from the yen weakening against the dollar. We are raising our fair value estimate for the NYSE and TSE shares to $120 and JPY 6,800, respectively. The change is not only from more revenue growth than previously modeled in light of how fiscal 2018 has unfolded, but also from reducing our legal reserve for sudden acceleration and Takata airbag lawsuits to the yen equivalent of $1 billion from $5 billion.Total comp...
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