Bernstein downgraded Ford to Market Perform from Outperform with an $11 price target. The company’s Q3 earnings were a “mixed bag,” and the company will face “significant” pricing and free cash flow headwinds in the first half of 2025, the analyst tells investors in a research note. The firm believes potential upside into the second half of 2025 and 2026 “depends on decisive management action.” Bernstein forecasts Ford’s EBIT down 17% year-over-year in the first half of 2025, driven by a slowdown across all segments and a lack of improvement in Model e. With sluggish consumer sentiment and more aggressive pricing from competitors, Ford will need to defend its F150 “cash cow” in the U.S. market and start increasing its discounts to maintain market-share, contends the firm.