JP Morgan Maintains Neutral on Ford

JP Morgan reiterates its Neutral rating on Ford (NYSE: F) 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.