Citigroup Maintains Buy on Ford After Detroit Auto Show
Citigroup has published a research report on Ford Motor Company (NYSE: F) after attending Detroit's Auto Show.
In the report, Citigroup writes, "Ford highlighted its key global segment products, including the recently launched Fiesta and Focus in the B and C segments, as well as the Fusion/Mondeo (CD), Ranger (compact pickup), and E-Series/Transit (commercial van) as examples of streamlining its platforms globally and achieving economies of scale. Ford highlighted the 2013My Fusion as an example of the company's advances in design, fuel efficiency and technology leadership across its product line-up. The company outlined a number of vehicle characteristics to enhance attractiveness, and we were particularly encouraged by the Fusion attribute competitive assessment, which showed the 2013 Fusion obtaining “leadership”/”among leadership” positions across categories within the segment. Provided that global macro conditions don't worsen meaningfully, we believe Ford's global platform strategy should help the company move towards its mid-decade targets, which imply a double-digit EPS CAGR."
Citigroup maintains its Buy rating and $15 price target on Ford, which is currently trading up $0.11 from yesterday's $11.58 closing price.
