Deutsche Bank Lowers Estimates on Ford (F) On Pension Underperformance, Cuts Price Target

Deutsche Bank lowered estimates and its price target on Ford (NYSE: F) from $16.50 to $15.50, but maintained a Buy rating.

The firm notes that pensions continue to be a source of uncertainty for investors. "If pensions were to be re-measured today, "underfundedness" would likely rise, projected cash funding requirements would increase, and prospective (GAAP P&L) pension expense forecasts for 2012 and beyond would likely be revised higher." The firm is adjusting year end 2011 funded status assumptions to reflect 0% asset returns for this year. The firm is adjusting earnings estimates to reflect the pension asset underperformance.

The firm's 2012 EPS estimates for Ford go from $1.57 to $1.42.

For more ratings news on Ford click here and for the rating history of Ford click here.

Shares of Ford closed at $9.99 yesterday.

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