UPDATE: Jefferies Raises PT to $16 on Ford Motor Company Following Dividend Increase

Jefferies reiterated its Buy rating on Ford Motor Company

and increased its price target from $14 to $16. Jefferies commented, "Ford announced a doubling of its quarterly dividend, an event that hit nearly a year earlier than our most recent expectations. We see two positives from this morning's event: (1) the implied 3% yield now opens the stock up to an entirely new investor class, and (2) the decision suggests Ford's confidence internally has heightened regarding the cash costs of restructuring Europe." Ford Motor Company closed at $13.47 on Wednesday.