Jefferies Upgrades Ford to ‘Hold’ with $12 Price Target

Jefferies analyst Philippe Houchois raised on October 6, 2025, the price target on Ford to $12 (from $9.00), upgrading its rating to ‘Hold’ (from ‘Underperform’).

“Ford management already mentioned a multi-bn opportunity for Ford from looser GHG/CO2 regulation.

We expect F will refrain from providing 2026 guidance until next year but could comment on potential mix benefits starting in Q4 and a shift in EV strategy.

We already assumed lower losses from model e from EV exposure shifting to Europe where unit losses are lower and from normalizing spending on the Universal Platform scheduled for 2027.

As the most compliant US-listed OEM (no CAFE fine and best historic credit generation), direct compliance costs have been modest.

With 43% of US volume in full size pick-ups and SUVs (est 60/80% of combined NA revenue/earnings for Blue and Pro), loosening current constraints on mix of higher CO2 mix models (Raptor, ST-Line) should enable Ford to offset tariffs and improve earnings next year.

We expect Ford to remain committed to an electrification strategy and should benefit from a longer adjustment period.”

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