Ford's price target raised to $9 by Morgan Stanley
Morgan Stanley on Friday upgraded its price target on Ford Motor Co. (F) shares to $9, from $8, on the back of the car maker's "stronger quarter-end financial position driven by strong cash flow generation," analyst Adam Jonas said in a note Friday. The analyst kept its rating on the stock at the equivalent of buy. Ford on Wednesday reported better-than-expected third-quarter profit and sales, saying its focus on popular, more profitable pickup trucks and SUVs boosted its bottom line amid a surge in demand and low inventory. On average, Wall Street has a price target of $8.57 on Ford, according to FactSet. That represents an 11% upside over Friday prices. Shares of Ford have lost 17% this year, contrasting with gains around 0.6% for the S&P 500 index.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 30, 2020 11:39 ET (15:39 GMT)
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