Stifel comments on Ford (NYSE: F) following Q4 results reported ahead of the bell Thursday.

Analyst James Albertine noted that Ford's Q4 EPS of $0.26 compared favorably with the firm's $0.23 estimate.

Albertine offered initial thoughts following the report: Our sense is expectations have fallen sufficiently to provide management with some operating flexibility looking ahead into FY15. We also believe 2009-2014 era restructuring efforts, which have been time consuming and financially painful to endure, will begin to reap benefits in the form of growth in important new markets for Ford (Asia-Pac region), protect or even drive share gains in key markets like North America, and help to ensure reasonable financial stability in more volatile areas like Europe and South America notwithstanding ongoing macroeconomic pressures. We would like to hear more about management's foreign exchange sensitivity analysis on the upcoming conference call, but remain comfortable, by and large, with our current FY15/16 EPS outlook based on 4Q14 results.

Stifel has Ford at Buy with a price target of $22.

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Ford closed at $14.46 yesterday.