Ford Enjoys Upgrade, Stock Swells - InvestingChannel

Ford Enjoys Upgrade, Stock Swells

Ford Motor (NYSE:F) shares rose early Tuesday after Jefferies upgraded the stock and said the automaker has a strong plan and management that can help it close the gap with rivals. The analyst also raised his price target on the shares, implying they could rally more than 30%.

“Ford has in recent months refined a strategy to leverage group strengths and fill the gap between the quality of its product franchises and returns that have lagged peers and lacked consistency,” noted analyst Philippe Houchois.

The legacy automaker is said to have put together a coherent team mixing internal and senior talent from outside the auto industry including CEO Jim Farley’s open mind towards new business models and inspiration from Tesla when applicable. The Ford Blue, Model e and Ford Pro divisions are all seen contributing to the turnaround.

On Thursday, Ford announced that it struck a deal with Tesla (NASDAQ:TSLA) to gain access for its customers to more than 12K Tesla Superchargers across the U.S. and Canada. The arrangement will double the number of fast-chargers available to Ford electric vehicle customers starting Spring 2024. A Tesla-developed adapter will provide Ford F-150 Lightning, Mustang Mach-E and E-Transit vehicles fitted with the Combined Charging System port access to Tesla’s V3 Superchargers. Notably, Ford said it will start equipping future electric vehicles with the NACS charge port in 2025 to remove the need for an adapter for direct access to Tesla Superchargers.

F shares began the day with a higher stock price by 53 cents, or 4.4%, to $12.62.

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