Jefferies Lowers Ford Price Target to $13
Jefferies analyst Philippe Houchois lowered the price target on Ford (NYSE: F) to $13.00 (from $15.00) while maintaining a Buy rating.
“Ford – HOLD, PT $13.5 – The process of restoring F150 production after the Novellis fire and of finding the right management structure are taking longer than expected.
We expect total Q1 wholesales down -4.0% y/y with Blue EBIT $251m / 1.2% margin; Model e -$734m; Pro $1,147m / 7.7%.
Group adj EBIT $1,106m / 2.8%, up marginally from last year (+0.3pp y/y) with earnings still heavily weighted to Q2-4.
We build in Q1 CF half of the guided $1bn of tariff reimbursement and one quarter of the $4.5bn supplier EV compensation.
Adding some WC outflow, slightly higher capex and $250m dividend from Finco we assume FCF outflow ~750m in Q1.
We trim FY EBIT ~9% to $8.7bn with little change to Pro and Blue bearing the brunt of the slower recovery.”
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.
