what happened
Shares of Ford Motor Company (NYSE: F) Wall Street analysts were coming to higher levels on Monday morning after upgrading the stock to a bullish note.
As of 10:15 a.m. ETT, shares of Ford were up about 7.2% from Friday’s close.
So what
In a new note Monday morning, benchmark analyst Michael W. Ward raised his rating on Ford’s stock to buy from hold, with a price target of 10.
Ward thinks Ford’s third-quarter earnings will be better than investors expected. Ford’s production in North America was higher than expected in the quarter, he said, with minimal COVD-19 related disruptions and an improvement in the matrix in the auto toe credit markets. Together, they could drive Ford’s systematic profits higher than the current $ 0.13-share Wall Street consensus estimate.
Benchmark’s Michael Ward believes that Ford will move newer F-150s as it works to replenish inventories. Image Source: Ford Motor Company.
More specifically, Ward Ford’s new CEO, Jim Farley, and the company’s upcoming new-product Blitz are on the rise. Ford is in the midst of launching all new versions of its F-150 pickup and Bronco SUV, both of which are expected to be high-margin products, with the rest of the new models in early 2021.
In the third quarter of 2019, Ford earned 4 0.34 per share.
Now what
Auto toe investors won’t have to wait much longer to find out if the ward is right. Ford will report its third-quarter results after the market closes on October 28.
