Toyota Industries Corp. has had its price target lowered by UBS from ¥16,600 to ¥14,600. Despite this, UBS maintains a Buy rating for the company.

The revision is a result of a cautious outlook on the company's near-term sales and earnings, specifically due to a delay in the recovery of forklift sales. This delay is now expected to occur six months later than previously anticipated. UBS predicts a change in the relationship between Toyota Motor and its suppliers, including a reduction in cross-shareholdings and the implementation of supplier restructuring by 2025.

UBS also projects an acceleration in profit growth for Toyota Industries over the next 6 to 12 months, which may help reduce the current discount on asset value. As a result of the revised earnings forecasts, UBS has adjusted its estimated earnings per share (EPS) down by 5% for the fiscal year ending March 2025 and by 2% for the following year. This reassessment has led to a reevaluation of the company's valuations, resulting in the lowered price target for its shares.