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Toyota Motor Corporation (NYSE:TM) has bounced back from the Great Recession and the Japanese Tsunami. This Zacks Rank #1 (Strong Buy) is expected to post double digit earnings growth in Fiscal 2014.

Toyota is one of the world's largest auto makers. It produces cars under the brands Toyota, Lexus, Scion and is the owner of the popular Prius model. It operates 14 manufacturing plants in North America.

Luxury and SUVs Still Hot in February

On Mar 3, Toyota announced February North American car sales which fell 5.8% year over year. However, the company saw an up tick in buying towards the end of the month which it thinks will set up a strong March.

Additionally, there were pockets of great news during the month. The luxury end is still humming along. Lexus saw a 8.7% increase for the month. Jeff Bracken, Lexus group vice president and general manager said:

"The luxury segment is off to a good start this year, showing across the board gains. The new IS continues to be one of the hottest cars in any segment, with sales more than doubling for the fourth straight month."

The SUV segment also continues to be hot. The all-new RAV4 had sales up 23% for its best February ever. Similarly, the all-new Highlander sales jumped 30%, also the best-ever February.

Fiscal 2014 Estimates Rise

The analysts have been bullish on the car companies for the last several years. Analysts now expect Toyota to earn $11.96 up from $7.35 in fiscal 2013. That's an impressive earnings rise of 62.7%.

Still a Cheap Stock

Toyota is cheap even though shares have surged over the last 2 years. It has a forward P/E of just 9.5 which is well under the average of the S&P 500 which is trading at 16x.

With its big earnings growth and low P/E, it has a PEG ratio of just 0.3. A PEG under 1.0 is rare. It means the company has the unique combination of both growth and value.

For investors looking for an auto maker with both growth and value, Toyota is one to keep on the short list.

Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor of the Insider Trader and Value Investor services.

TOYOTA MOTOR CP (TM): Free Stock Analysis Report (email registration required)

Source: Zacks' Bull Of The Day: Toyota Motors