The Ford Analyst: Morgan Stanley analyst Adam Jonas maintained an Equal-Weight rating and $13 price target for Ford shares.
The Ford Thesis: Strong pricing and mix contributed to the second-quarter outperformance relative to estimates, Jonas said in a note. The company reiterated its 2022 adjusted EBIT and adjusted free cash flow guidance of $11.5 billion-$12.5 billion and $5.5 billion-$6.5 billion, respectively, he added.
The guidance reiteration, according to Jonas, reflected the language of a major auto player that is sold out of inventory through the rest of the year, with unusual visibility of order backlog.
Automakers are sounding optimistic currently, mainly due to a lack of inventory, Jonas said. The analyst sees this changing in 2023.
Although EV market provides some optionality to Ford, the direction of Blue Oval’s forecast is “very much tied to what remains of the useful life of the ICE product range,” Jonas said.
Related Link: How To Trade Ford Stock Before And After Q2 Earnings Print
Benzinga’s Key Takeaways From Ford’s Earnings Call:
Ford Price Action: Ford shares were seen rising 5.91% to $13.97 in premarket trading on Wednesday, according to data from Benzinga Pro.
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