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Ford Motor Co (NYSE:F) shares are trading higher Tuesday on the heels of an upgrade from Jefferies.
What Happened: Jefferies analyst Philippe Houchois upgraded Ford from Hold to Buy and raised the price target from $13 to $16 following the company's investor event last week.
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Houchois increased his price target by 32% on increased confidence that the Ford team has a plan in place to improve its ability to execute.
"The gap between Ford's ambitions (10% margin by 2026) & a consensus stuck below 6% is attractive and we expect sequential improvements across divisions," the Jefferies analyst said.
Houchois believes the automaker's new reporting approach, which includes separating numbers into Blue, Model e and Pro divisions, is improving tracking and accountability.
"With more focused products and market exposure and reduced complexity, we find roadmaps to improve returns across all 3 divisions credible," the analyst said.
Ford anticipates 10% margins by 2026, while the Street expects margins to remain under 6%, which creates room for an upside surprise from the Detroit-based automaker, Houchois said.
See Also: Ford To Rally Around 33%? Here Are 10 Other Analyst Forecasts For Tuesday
F Price Action: Ford has a 52-week high of $16.68 and a 52-week low of $10.61.
The stock was up 4.1% at $12.60 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Ford.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.