Morgan Stanley Raises Ford Price Target to $15
Morgan Stanley analyst Andrew Percoco raised the price target on Ford (NYSE: F) to $15 (from $14) while maintaining a Equalweight rating.
“Our take: Ford posted another solid quarter. Pricing and mix drove upside to FY guidance driven by Ford Bronco, F-150 Raptor, and three-row SUVs.
While guidance commentary beyond 2026 was limited, we expect the company to post Y/Y earnings growth, reaching ~$11.2bn of adj.
EBIT in 2027 on our new estimate (see our bridge below).
In general, we came away more positive on the outlook for Ford’s core auto business, with pricing and mix continuing to drive upside to estimates (consistent with peers).
Outside of auto, the company is clearly focused on scaling its energy storage business.
To that end, management made a point to highlight the optionality to double its dedicated capacity from 20 GWh to 40 GWh – while timing is unclear, we believe this is a clear indication of the potential demand trends that the company is seeing.
On the customer front, mgmt. highlighted that it is engaging with a range of different customers (we suspect this includes data centers), with the company categorizing the engagement activity as having “depth” and being in the “third inning” of selling out 2028 capacity.
We expect additional ESS customer announcements in 2H26.”
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