JP Morgan Reiterates Overweight on Ford Motor After Strong June Sales

In a report published on Tuesday, JP Morgan analyst Ryan Brinkman reiterated an Overweight rating on

Ford Motor

with a price target of $16.00. In the report, JP Morgan noted, "Ford's US June sales tracked +17.8% y/y, better than both JPM at +15% Bloomberg consensus at +16%. Utilities sales rose +11.7%, Car sales +16.5%, and Truck sales +24.5% y/y. Truck sales would have risen +26.1% if not for the discontinuation of Ford Ranger sales y/y. Sales were particularly strong for the F-Series (+28.4% y/y). Ford sold a richer mix of vehicles in June: high profit F-Series pickup trucks represented 28.9% of Ford's total June sales, vs. 26.5% a year ago – in what we view as a significant investment positive. All figures in this note have been adjusted for the y/y difference in selling days (26 selling days in June 2013 vs. 27 days in June 2012)." Ford Motor opened on Tuesday at $15.76.