Ford Stock Pops on Morgan Stanley’s Upgrade to Equal Weight
2022.05.13 17:02
Ford (F) Stock Pops on Morgan Stanley Upgraded to Equal Weight
Shares of Ford Motor (NYSE:F) are up over 3% in pre-market Friday after Morgan Stanley analyst Adam Jonas upgraded it to Equal Weight from Underweight with a $13.00 per share price target.
The analyst takes note of a sharp sell-off that pushed F shares below $13 for the first time in 18 months.
“We believe the ‘run-off‘ value of Ford’s authentic/emotional ICE) vehicles and fleet-oriented commercial end markets may be under-estimated by the market,” Jonas said in a client note.
He also has confidence in Jim Farley’s “vision of addressing up-stream challenges (battery materials sourcing), downstream model (re-casting ‘op-in’ EV dealer franchises), and structural measures (EV/ICE re-org).”
The analyst also maintained an EW rating for General Motors (NYSE:GM) and cut the price target to $44.00 per share, down from $50.00.
“We are Equal-weight both Ford and GM during highly uncertain economic environment and extraordinarily high dispersion of outcomes,” Jonas said in a client note.
By Senad Karaahmetovic
