Updating your Conservative stocks: Honda, Toyota & Canon

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HONDA MOTOR CO. LTD. ADRs $28 (www.honda.com) is a buy. The company is Japan’s second-largest carmaker, and the world’s biggest motorcycle maker. Honda plans to spend $1.1 billion (net of government grants) over the next six years to upgrade its plants in the province of Ontario to produce electric-powered vehicles (EVs). These investments—equal to 2% of its $48.6 billion market cap—are part of Honda’s plan to sell only EVs and fuel-cell vehicles by 2040. Honda is a buy. TOYOTA MOTOR CO. ADRs $176 (www.toyota.com) is a buy. The world’s largest automaker expects to produce 750,000 vehicles in April 2022, down 17% from its earlier plan of 900,000. That’s due to the ongoing shortage of chips and COVID-19-related shutdowns of parts suppliers in China. Toyota also expects to miss its production goals for May and June. However, it still aims to meet its target of producing 8.5 million vehicles for the full fiscal year ending March 31, 2023. Toyota remains a buy. CANON INC. ADRs $24 (www.canon.com) is a hold. The company’s sales in…