Goldman Removes Ford From Conviction Buy List, Downgrades
Ford Motor Company (NYSE: F) reported its 2Q16 results below expectations and announced a profit warning for 2016. Goldman Sachs’ Patrick Archambault downgraded the rating on the company from Buy to Neutral, while reducing the price target from $15 to $13. The analyst commented that the Ford profit outlook had moved “to ex-growth.”
“After having worked through a material worsening in Ford’s pricing, volume, and FMCC outlook, earnings have moved into ex-growth territory vis a vis 2015 on our estimates,” analyst Patrick Archambault wrote. He added that there were significant headwinds in 2H16, which would likely prevent the stock from outperforming over the next 6-12 months, “especially given the stage of the cycle.”
Removing Ford from the Conviction Buy List, Archambault noted that Ford’s shares had tumbled 17 percent since it was added to the List on June 23, 2015. During the same period, the autos sector had lost 23.7 percent.
Latest Ratings for F
|Dec 2016||Macquarie||Initiates Coverage On||Neutral|
|Nov 2016||Berenberg||Initiates Coverage On||Sell|
|Oct 2016||Daiwa Capital||Upgrades||Underperform||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.