Citi Upgrades Ford to Buy, $20 PT

Citi upgraded Ford Motor to Buy from Neutral and raised its price target to $20 from $19, saying improving F-Series pickup production, easing warranty costs and better aluminum supply are driving a positive shift in the automaker’s earnings outlook.

“The brokerage said Ford’s shares have been out of favour, with only three Buy ratings among the 18 analysts covering the stock, compared with 15 Buy ratings for General Motors among 22 firms.

Citi believes that momentum is now turning as production normalises and profitability improves.”

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