Ford Motor Company F reported weaker-than-expected earnings results for its fourth quarter after the closing bell on Thursday.
Michael Ward of Benchmark told CNBC that the recent quarter was disappointing for Ford and the company missed on three out of four metrics he was tracking.
However, he added that the record guidance provided by company for 2022 despite the current chip shortage was the one positive thing.
Ford has the benefit of two strong brand names, Mustang and F-150, which is the top-selling brand in the U.S. for decades. The company is also electrifying both these products, which positions the company to be among the leaders in the electric vehicle segment over the next two to three years in the U.S., Ward said.
Benchmark has a Buy rating on the stock with a price target of $29.
F Price Action: Shares of Ford dropped 4.2% to $19.06 in after-hours trading following the release of quarterly results.
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