Toyota (NYSE:TM) is slashing its production target for October as chip shortage challenges mount, according to Reuters. The company is lowering its target by 6.3% and the development could mean a hit to production levels in the second half of the year.
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Nonetheless, Toyota has kept its annual production target intact at 9.7 million. Notably, the company’s vehicle production registered a 44.3% growth for the month of August.
Will Toyota Stock Go Up?
Toyota shares are now down 29.2% year-to-date but the Street sees double-digit gains in the stock.
Overall, Toyota stock has a Hold consensus rating alongside an average price target of $179.41. This indicates a hefty 36.10% potential upside in TM stock.
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