Nomura Securities Starts Ford (F) at Buy, $14 PT
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Nomura Securities initiates coverage on Ford (NYSE: F) with a Buy rating and a price target of $14.00.
Analyst Anindya Das commented, "Ford will retain its commanding share of the highly profitable US pickup truck segment, we believe, as it benefits, albeit slowly, from the recovering housing market. The company is poised to remain competitive in the fast growing and popular crossover segment on the strength of its highly recognized Explorer, Edge, and Escape models. The company’s automotive finance business should continue to contribute a significant and steady source of group profits, leveraging Ford’s US presence and we expect Ford’s cumulative earnings in automotive markets outside North America to steadily improve. Finally, Ford stock offers a very attractive dividend yield, with a steady cash flow from the company’s North American operations and a healthy automotive net cash position, helping to support future payouts. We expect Ford to pay out $0.75 per share in FY2017 (including supplemental dividends), yielding 6.2%, the highest among its peers."
Shares of Ford closed at $12.11 yesterday.
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