UPDATE: Wolfe Research Downgrades Ford (F) to Peerperform
- Wall Street gains evaporate, S&P 500 ends lower on Fed tightening timeline
- Tesla (TSLA) Reports Strong Q4 Beat, Achieves Record Vehicle Deliveries in 2021
- Intel (INTC) Reports Q4 Beat, Shares Down 2% on Guidance Miss
- Fed maintains federal funds rate at 0 to 1/4 percent, reduces assets purchases by another $30 billion/month and sees ending them in March
- Ackman Says Pershing Square Bought Over 3.1M Shares of Netflix (NFLX)
Wolfe Research analyst Rod A. Lache downgraded Ford (NYSE: F) from Outperform to Peerperform, PT $22.00 (from $17.00).
The analyst comments "...since upgrading F to Outperform in April, shares are up ~80% (+130% YTD). But at this point, we believe the stock now reflects the upside that we’ve been anticipating based on their turnaround (7 x EPS exArgo of $2.75 = $19). And while we see an additional $3/share of value from Ford’s stake in Argo, we worry about diminishing SOTP upside from other Auto Tech investments as the company monetizes them (investors typically don’t give OEMs much credit for cash on their balance sheets). Our updated Ford target is $22 ($19 for “Core Ford” + $3 for Argo), up from $17 previously, but implies ~10% upside."
Shares of Ford closed at $19.58 yesterday.
You May Also Be Interested In
- Tesla (TSLA) PT Raised to $1,300 at CFRA
- swedbank ab (SWEDA:SS) (SWDBF) PT Lowered to SEK200 at Morgan Stanley
- Novartis (NOVN:SW) (NVS) PT Lowered to CHF105 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!