Bernstein Reaffirms ‘Underperform’ Rating on Ford

Bernstein analyst Daniel Roeska reiterated on August 12, 2025, an ‘Underperform’ rating and $8.30 price target on Ford.

“Higher Tariff Costs and Special Items Bite Into the Bottom Line; Ford’s Q2 beat on revenues was overshadowed by one-off charges and a downgrade to FY25 EBIT guidance.

While management’s unveiling of the “Ford Universal EV Platform” signals a clearer long-term direction, near-term earnings are set to weaken under the twin pressures of tariffs and affordability-driven demand softness.

We keep our PT unchanged at $8.30, but expect investors to focus on deteriorating earnings in the near term.

New strategy gains shape, but visibility is not execution. From comments during the earnings call, as well as yesterday’s presentation of the “Ford Universal EV Platform” we see a new strategy taking shape.

The new EV platf orm will underpin entry-level vehicles, less focus on emissions in the US will allow Ford to increase the sales share of its large combustion engine trucks and SUVs, and overseas activities will increasingly see in-region partnerships.

This is a positive step for Ford, but the company will have to navigate the tariff + warranty trough first, before we can start being more constructive.”

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