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Subaru is upgraded to 'BUY' with a new price target of ¥2,600, citing recovery momentum and undervaluation. Management's cautious hybrid/ICE strategy, capital conservation, and share buybacks are favored over aggressive EV investment amid sector uncertainty. Tariffs, FX headwinds, and EV impairment charges have pressured margins, but normalized earnings yield above 8% and a 4.5% dividend yield underpin upside.