Ford: Jefferies drops buy rating

(CercleFinance.com) - Jefferies has downgraded its rating on Ford shares from "buy" to "hold", despite increasing its corresponding target price from 20 dollars to 25 dollars in the wake of 2022-23 estimates for the carmaker that have been raised by less than 10%.


While it recognises that "Ford is back, with strong earnings and a repaired balance sheet", the broker believes that the stock has also revalued itself on the basis of the recovery in earnings, which are now approaching cyclical highs.

"All that leaves limited scope for positive surprises although the stake in non-core Rivian, expected IPO ofArgo AI and the return of dividends provide strong support," it adds.



Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.