Jefferies Starts Ford (F) at Underperform, $10 PT
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Jefferies initiates coverage on Ford (NYSE: F) with a Underperform rating and a price target of $10.00, saying the stock is pricing too much near-term improvement.
Analyst Philippe Houchois commented, "We initiate coverage of Ford with an Underperform rating and price target of $10.0. Ford is the stock under coverage trading the closest to its through-the-cycle fair value (€12), implying more stable returns than at peers despite high dependence on the US. A sharper deterioration of the US market (-5% volume over 2017-18) and reversal of the European turnaround would take EPS to $1.25, with share price downside to $8.25. Re-rating of earnings stability and using our split PE multiples of 9x/5x for consolidated and equity earnings would yield $19."
Shares of Ford closed at $12.18 yesterday.
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