Ford (F) Stock Pops on Morgan Stanley Upgraded to Equal Weight

Shares of Ford Motor (NYSE: F) are up over 3% in pre-market Friday after Morgan Stanley analyst Adam Jonas upgraded to Equal Weight from Underweight with a $13.00 per share price target.

The analyst takes note of a sharp sell-off that pushed F shares below $13 for the first time in 18 months.

“We believe the ‘run-off‘ value of Ford’s authentic/emotional ICE vehicles and fleet-oriented commercial end markets may be under-estimated by the market,” Jonas said in a client note.

He also has confidence in Jim Farley’s “vision of addressing up-stream challenges (battery materials sourcing), downstream model (re-casting ‘op-in’ EV dealer franchises), and structural measures (EV/ICE re-org).”

The analyst also maintained an EW rating for General Motors (NYSE: GM) and cut the price target to $44.00 per share, down from $50.00.

“We are Equal-weight both Ford and GM during highly uncertain economic environment and extraordinarily high dispersion of outcomes,” Jonas said in a client note.

By Senad Karaahmetovic

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