- Today Ford Motor Company (NYSE: F) is trading at more than 7% following a bullish report from a Benchmark analyst
Today Ford Motor Company (NYSE: F) is trading at more than 7% following a bullish report from a Benchmark analyst. Benchmark analyst Michael Ward referred to third-quarter earning expectations along with a new management team.
Ward increased his rating to Buy from Hold. And he assigned Ford’s stock with a price target of $10 — which is a 38% upside from the closing price of Ford’s stock of $7.25 on Friday.
“Better than expected North American production, a positive shift in mix, and improving metrics in the auto credit markets, in our view, are the primary drivers for better than expected earnings performance in the third quarter,” wrote Ward in a report to clients via MarketWatch. “The management changes along with new product momentum and the benefits of cost improvement actions, in our opinion, are positive variables for the stock.”
Jim Farley was named CEO of Ford on October 1. And John Lawler was named chief financial officer of the company earlier this month. Ford will be reporting its third-quarter results on October 28.
Disclosure: I have a small position of Ford stock in my portfolio