Following a bit of a tumultuous period, Ford stock has rebounded over the past couple of weeks, prompting Jefferies – an investment banking and capital markets firm – to upgrade its outlook from “hold” to “buy” and increase its price target from $13 to $16 following the automaker’s Capital Markets Day presentation. However, that organization isn’t the only one that’s a bit more bullish on Ford stock these days, as it has now been joined by Citi as well, according to Seeking Alpha.
Citi upgraded its outlook on Ford stock from “neutral” to “buy,” which prompted it to rise in early morning trading, after the financial institution saw favorable results regarding the automaker in a recent consumer survey. Citi analyst Itay Michaeli noted that FoMoCo performed well in terms of trends and data – showing improve wallet share – meaning that the automaker is a more attractive investment at the moment.
“We see an opportunity for improved sentiment towards our $16 price target, which is still derived on what we’d consider prudent/conservative multiples,” Michaeli said in his assessment. Additionally, The Blue Oval enjoyed a 10.7 percent year-over-year sales increase in May, buoyed by strong demand for its truck and van lineup.
As Ford Authority previously reported, analysts came away from Ford’s 2023 Capital Markets Day presentation with a brighter outlook on the future, as it was chock full of encouraging news. That includes the automaker’s decision to team up with Tesla to provide its owners with easy Supercharger access starting next year, that its forthcoming three-row EV SUV will offer customers 350 miles of range, news that a handful of new Ford Bronco variants are on the way, and that many of its models will have “best in class” quality by 2025.