Citigroup Maintains Buy, $15 Target on Ford

Citigroup maintains its Buy rating and $15 target price on Ford

as the company provides an in-line outlook into 2012 despite posting a fourth quarter miss. Citigroup says, "Ford provided its customary 2012 planning assumptions and operating metrics targets. Our initial impression is that the guidance looks sound (Auto profits up, FinCo down, total flat) and points to 2012 EPS of ~$1.55, right in line with consensus and a bit better than our $1.45. Importantly, Ford expects 2012 Auto margins to improve from the 5.4% achieved in 2011, implying somewhat stronger margins than our 5.4% 2012E estimate. Ford also updated its YE pension status (U.S. plans underfunded by $9.4bln vs. $6.7bln in YE 10), revealing somewhat better performance than we expected." F closed at $12.79 a share yesterday.