Ford Motor shares rose higher Wednesday, following a rating boost from analysts at Credit Suisse .
Credit Suisse analyst Dan Levy hiked his rating on the automaker’s shares to 'outperform', from 'neutral'. Levy also boosted his price target on the stock by $5, to $20 a share. The analyst cited a favorable industry cycle heading into 2023, bolstered by inventory rebuilding and better positioning of Ford in the electric vehicle market.
Last month. Ford mentioned that its overall U.S. vehicle sales fell -17.7% year-over-year over the month of September, , while truck sales were -22.6% lower. The company’s electrified car sales, however, climbed +91.6% year-over-year.
Ford expanded its overall inventory by 21,000 vehicles over the month, notwithstanding plant closures and delays owing to the global shortage in semiconductors. It achieved a gross stock total of 236,000 units.
Levy is expecting Ford and its rival General Motors to beat Street earnings forecasts next week.
Ford will publish its third quarter earnings after the close of trading on Wednesday October 27. Analysts are expecting an adjusted earnings of 27 cents per share on revenues of $32.656 billion.