TOKYO (Reuters) -- Toyota is set to trim its goal of selling more than 10 million vehicles in 2009 by at least 5 percent.

Hit by a meltdown in demand for gas-guzzling vehicles in North America, Toyota last month cut its 2008 global sales forecast by 3.7 percent to 9.5 million vehicles, inevitably delaying a plan to sell 10.4 million vehicles next year.

Japanese media reported this week that Toyota was set to revise the 2009 figure to around 9.8 million vehicles at its annual business briefing next Thursday, preventing it from becoming the first automaker to hit the 10 million milestone next year.

"Looking at the state of the North American and European markets, frankly it's difficult to expect an improvement next year," Goldman Sachs auto analyst Kota Yuzawa said.

On the positive side, investors and analysts believe the world's largest and most profitable carmaker will be well positioned when the global slump ends.

Stock struggles

The bad news is that shareholders should not expect a quick recovery in Toyota stock.

Shares hit a near-three year low earlier this month, shortly before it reported a 28 percent fall in first-quarter profits.

With a price-to-estimated earnings ratio of 11.6 times, Toyota carries a big premium over most of Europe's top automakers. Daimler, BMW, PSA/Peugeot-Citroen, Renault and Fiat all trade at 5-6 times estimated earnings, as investors worry about the impact from a more recent downturn in the European market.

While maintaining a Buy rating on Toyota, Goldman's Yuzawa conceded it would be tough to expect the shares to rally as long as the North American and European car markets continue to slide.

Toyota's sales fell 7 percent in both the United States and Europe in the first half of this year.

Bad, but better than most

Still, analysts are upbeat about Toyota's competitive advantage over most rivals.

Toyota's deep pockets provide a handy buffer, allowing it a luxury rivals don't have to ride out downturns. Toyota's last annual profit of about $16 billion is roughly equal to the current market capitalizations of General Motors and Ford Motor combined.