Jul 6, 2011
Honda Motor Co. (NYSE:HMC) reported a 29.9% decline in its automobile sales in China in June as the lingering effect of the earthquake in Japan continues to crimp production.
The automaker said sales in China declined to 35,105 units in June, while sales in the first half of the year totaled 271,369 units, down 12.3% year-over-year. Honda sold 646,631 units in China last year, and is targeting around a 12% increase to 730,000 units this year.
Honda Motor has a potential upside of 17.2% based on a current price of $39.41 and an average consensus analyst price target of $46.2.
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