NEW YORK (TheStreet) -- Shares of Honda Motor Co. (HMC - Get Report) are up 2.10% to $35.92 as the automaker increased its full year sales and profit forecasts, saying new models would help the company bounce back from a sluggish quarter in North America, its biggest market, the Wall Street Journal reports.
Honda forecast income of 600 billion yen on sales of 12.80 trillion yen for its fiscal year ending March 2015. It previously forecast a profit of 595 billion yen on revenue of 12.75 trillion yen.
In the June ended quarter, income was up 20% to 146.5 billion yen ($1.44 billion) from 122.5 billion yen a year ago, while sales increased 5.4% to 2.988 trillion yen.
TheStreet Ratings team rates HONDA MOTOR CO LTD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate HONDA MOTOR CO LTD (HMC) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, attractive valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."