UBS Reaffirms $12.50 Price Target on Ford
UBS analyst Joseph Spak reiterated on December 16, 2025, a ‘Neutral’ rating and $12.50 price target on Ford.
“Ford announced a $19.5bn write down related to their EV assets and product roadmap.
The majority of the $19.5bn in special items will be in 4Q25…
We expect stock could react favorably to the guidance raise and 2026+ Model e commentary, but there is a lot to digest and many moving pieces.
Net, we see this as a bold action and write down that likely removes years of future losses.
However, Ford is not turning away from EVs (BEVs and EREVs) just using new platforms.
So the risk is still will NA consumers want a BEV small pickup (starting in 2027 built off the Universal EV Platform (UEV) and an EREV F-150.
The Stellantis Ramcharger EREV may be an early test of consumer appetite for such a product.
Further, Ford is entering a new business in energy storage system (ESS) that will require investment but could end up being a clever repurposing of some assets.
Currently, webelieve there is a supply/demand imbalance for ESS LFP cells/systems in the US that provides F with an opening (provided they can execute and use their license which release seems to indicate).
But over time, we think they will need to show good execution and a continued business case with strong market structure (e.g. no commodification) to justify committing further capital for growth.”
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