Ford Motor shares got a rating downgrade from analysts at Jefferies, ahead of the carmaker’s fourth quarter earnings early next month.
Jefferies analyst Philippe Houchois lowered his rating on Ford shares to “hold” from “buy”. Houchois mentioned that it is too early to re-rate the carmaker based on its expected expansion into electric vehicle production. Ford aims to double the pace of its F-150 Lightning output to 150,000 units this year, and has booked 200,000 reservations for the electric pickup.
Houchois raised his price target on the automaker’s shares by $5, to $20 per share, citing larger-than-expected cash flows, and improved balance sheet performance and the carmaker's stake in electric vehicle startup Rivian.