Ford Motor Co F shares are trading higher Wednesday following positive analyst coverage from Morgan Stanley.
What Happened: Morgan Stanley analyst Adam Jonas upgraded Ford from Equal-Weight to Overweight and set a $14 price target. Jonas believes the recent pullback offers an attractive buying opportunity.
Ford shares are down nearly 20% over the last month, but the stock traded higher Tuesday after the company said its electric vehicle sales tripled last month.
Ford said it sold a total of 142,644 vehicles in September, consisting of 68,299 trucks, 70,887 SUVs and 4,691 EVs. EV sales were up 197.3% on a year-over-year basis. Ford also said its EV share increased 3.1% to 7% of the total market.
The F-150 Lightning was America's best-selling electric pickup truck last month. The company's E-Transit vans were America's best-selling electric vans in September.
"Demand remains strong with new retail orders rapidly expanding," said Andrew Frick, vice president of sales, distribution and trucks, Ford Blue.
F Price Action: Ford has a 52-week high of $25.87 and a 52-week low of $10.61.
The stock was up 1.46% at $12.54 at time of publication, according to Benzinga Pro.
Photo: courtesy of Ford.
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