Shares of Ford Motor Company (NYSE: F) moved higher on Monday morning after a Wall Street analyst improved the stock with an upward note.
At 10:15 a.m., Ford’s EDT shares rose about 7.2 percent from Friday’s closing price.
In a new note on Monday morning, Benchmark analyst Michael Ward raised his rating on Ford shares to buy on hold at a price of $ 10.
Ward believes Ford’s third-quarter earnings will come better than investors expect. Ford’s North American production is higher than expected in the quarter, he said, with minimal disruption to COVID-19, and car loan markets are improving. Taken together, they could lead to adjusted earnings for Ford higher than the current consensus estimate of $ 0.1
Generally speaking, Ward is set to Ford’s new CEO Jim Farley and the company’s upcoming blitz of the company’s new product. Ford is in the midst of launching entirely new versions of its F-150 pickup and Bronco SUV, both of which are expected to be high-margin products, with other new models to be introduced in the first half of 2021.
Ford earned $ 0.34 per share in the third quarter of 2019.
Car investors won’t have to wait too long to find out if Ward is right. Ford will report its third-quarter results after the market closes on October 28.