JP Morgan Maintains Neutral on Ford

JP Morgan reiterates its Neutral rating on Ford

as weak quarter results were driven primarily by international operations. JP Morgan notes, "Ford reported clean Q4 EPS of $0.20 versus consensus of $0.25 and JPM of $0.22. Clean tax rate was 28% vs. JPM of 35%, aiding EPS by $0.02. Versus our model, global pretax Automotive profits fell short by $259MM, with $122MM of NAFTA upside being more than offset by lower than expected international auto profits in all geographies. The NAFTA results included $0.3B of UAW contract costs, but this was already in our estimates." F closed at $12.79 a share on Thursday.