JPMorgan Upgrades Ford (F) to Overweight; Trading Only In-Line with History Despite 'Significant Positives'

(Updated - January 22, 2021 5:25 AM EST)

JPMorgan analyst Ryan Brinkman upgraded Ford (NYSE: F) from Neutral to Overweight with a price target of $14.00 (from $11.00), noting shares are trading roughly in line with historical values despite a number of significant positives.

The analyst comments "We find Ford shares attractive given valuation only roughly in line with history despite a number of significant positives, including (1) a substantially refreshed vehicle lineup including hot new introductions such as the Mustang Mach-E battery electric crossover, new Ford Bronco (>190K reservations), Bronco Sport, and upcoming F-150); (2) a refreshed F-150 has historically led to a substantial improvement in North American profitability, which we expect by 2Q21; (3) the “Bold Moves” Ford is taking to right-size its international operations, including most recently in South America, we think will free up capital for use in initiatives investors are likely to reward more, such as its electrification and autonomous efforts; (4) Ford has been having recent success turning around its International Operations, including in China, which was previously a problem area. We also like Ford’s new leadership team, which we expect to bring a renewed focus on launch and warranty execution."

For an analyst ratings summary and ratings history on Ford click here. For more ratings news on Ford click here.

Shares of Ford closed at $11.53 yesterday.

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