UBS maintains a 'Buy' on Ford (F); Q4 Disappointing, But Valuation Keeps Us Bullish

UBS maintains a 'Buy' on Ford (NYSE: F) price target raised from $14 to $15.

UBS analyst says, "Q4 miss driven by commodity and fx; guides to flat pre-tax income...Despite the miss, Ford’s valuation remains attractive, in our view, and therefore we maintain our rating."

"Pensions were a positive surprise with the funding gap coming in $10bn (~$2/share) better than our estimate due to strong asset returns and a smaller than expected decline in discount rates. We are lowering our 2012 estimate from $1.60 to $1.45 and 2013 from $2.05 to $1.85 to reflect a more negative outlook for Ford Credit and Europe."

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 $12.21 yesterday.

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