Bernstein Raises PT on Ford, Keeps ‘Underperform’ Rating

Bernstein analyst Daniel Roeska raised on May 23, 2025, the price target on Ford to $8.30 (from $7.00) while maintaining a ‘Underperform’ rating.

“First half drives optimism, but second half is already in reverse; Ford delivered a positive Q1/25 and is likely on track for continued stregth in Q2, but production cuts and tariff headwinds suggest the company is bracing for a weaker H2.

However, tariff mitigation efforts, BEV production discipline and strong performance from Ford Credit present the company with some options to steer through forthcoming market uncertainty.

We lower our 2026 EPS forecast by -5.8% to $1.66 and apply a multiple of 5x, one turn above our previous 2026 multiple due to a lower tariff impact in 2025 than previously estimated.

This leads to our new target price of $8.30. With expected weakness into H2/25 we maintain our Underperform rating.”

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