The company plans to produce a record 800,000 vehicles in January
Toyota Motor Corp (NYSE:TM) stock is up 3.3% to trade at $186.66 at last check, after news that the company plans to produce a record 800,000 vehicles in January. The automaker is ramping up production to make up for decreased output levels due to parts shortages, after Covid-19 hit several factories.
On the charts, the shares have found support at the $176 level, and the ascending 160-day moving average caught this weeks pullback to that trendline. Year-to-date, TM is up 20.7%.
The majority of analysts are bullish on Toyota stock, with three of the four in coverage carrying a "strong buy" rating, and one a tepid "hold." Plus, the 12-month consensus price target of $224.15 is a 20.6% premium to current levels.
TM's typically quiet options pits are seeing five times the usual volume straight out of the gate this morning. The December 190 call is the most popular, and also happens to be one of the top open interest positions.