Ford shares got a price target hike and rating upgrade from analysts at Barclays.
Barclays analyst Brian Johnson boosted his rating on the automaker to overweight from equalweight. The analyst raised his price target by $3 to $16 per share, a Wall Street-high that implies a near-term gain of around +28% .
According to Johnson’s note, a key reason behind the upgrade is Ford's new electric vehicle partnership with Germany's Volkswagen (Germany's Volkswagen AG confirmed in June 2020 a $2.6 billion investment in Argo AI, a self-driving start-up jointly controlled by the two automakers). The analyst also cited the company’s improved margin outlook.
Volkswagen forecast e-vehicle deliveries of around 450,000 this year --targeting a return on sales of between 3% and 4%.