J.P. Morgan analyst Ryan Brinkman issued a price upgrade on Ford Motor Company F shares after being “blown away” by a ride in the company’s F-150 lightning electric truck, Yahoo Finance reported Tuesday.
What Happened: Brinkman repeated his Overweight rating on Ford and increased his price target to $16 from $15.
“We were blown away by the ride experience. It is a surreal and unexpected feeling to accelerate from 0 to 60 mph in 4.5 seconds, to tow a 6,000 lbs up a 30 degree incline, and to perform extreme off-road maneuvers silently in a 6,500 lbs. vehicle.” wrote Brinkman in a research note, according to Yahoo Finance.
See also: How to Buy Ford Stock
Brinkman said that as customers, analysts and investors experience the vehicle, it will change their perception of Ford as a brand and a company.
Ford shares have risen 45.7% since the year began. The company’s shares rose 1.01% in the after-hours session on Monday to $12.94 after ending the regular session nearly 1.9% lower at $12.81.
Why It Matters: Brinkman noted that the “expectation of improving investor sentiment relative to the competitiveness and technological prowess of Ford's product portfolio and resulting implication for long-term growth and profitability,” reported Yahoo Finance.
Ford has priced the electric version of its popular F-150 truck at $30,974 onwards. Bookings are slated to commence in mid-2022.
See Also: Tesla Cybertruck Loses Out To Ford F-150 In Cox Survey Of US Pickup Buyers
Rival Tesla Inc’s TSLA Cybertuck will enter production this year and its single motor variant is priced at $30,900 before incentives.
Tesla CEO Elon Musk congratulated Ford on “embracing an electric future!" through social media.
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Photo: Courtesy of Ford
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