UPDATE: Morgan Stanley Upgrades Ford (F) to Overweight, Prefers Over GM
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(Updated - October 5, 2022 6:15 AM EDT)
Morgan Stanley analyst Adam Jonas upgraded Ford (NYSE: F) from Equalweight to Overweight with a price target of $14.00.
The analyst prefers the stock over GM and said lower expectations brings stock to below our unchanged $14 price target. "3Q profits warning coupled with macro concerns have resulted in a decline in buy-side expectations and sharp pull-back in shares," Jonas commented. "Ford shares trade at approximately 8x our normalized EPS forecast of $1.50."
Jonas also notes corporate restructuring by year-end and a favorable regulatory envelope as IRA has the potential to improve the return-on-investment for Ford’s US on-shore EV investments which they have not yet reflected in our forecasts.
Shares of Ford closed at $12.36 yesterday.
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