Jim Farley, Ford CEO, takes off his mask at the Ford Built for America event at Ford’s Dearborn Truck Plant on September 17, 2020 in Dearborn, Michigan.
Nic Antaya | Getty Images
DETROIT – Ford Motor stocks hit a new 52-week high for the third straight day, bringing the stock up to speed for the best week since at least June.
The stock is up about 20% this week, including a gain of up to 11.9% during intraday trading on Thursday morning. Shares hit a high of $ 12.15 on Thursday – their highest price since June 2018. By early Thursday afternoon, they were up 8%.
The increase was driven by positive comments from Deutsche Bank and Barclays on Ford’s product plans and fourth-quarter reporting on February 4, including optimism about the forecast for 2021. The automaker also received praise for its all-electric earlier this month Mustang Mach-E Crossover after Ford allowed several analysts to test the vehicle.
The German on Wednesday added a short-term buy idea for Ford stock and said she was bullish about the company’s upcoming earnings report and future product plans, including the Bronco SUV. The company maintained its long-term hold rating on the stock.
“We see potential catalysts in the months ahead, including a solid outlook for 2021 on earnings guidance for the fourth quarter (2/4), the rollout of a number of key models under the new leadership team, and Spring Capital Markets Day at Ford could restart its redesign program and introduce a new EV strategy, “wrote German Emmanuel Rosner in an investor note.
Ford launches the 2021 Bronco with more than 200 factory-supported accessories for added functionality and personalization.
Barclays re-confirmed Thursday that Ford remains above consensus for Ford due to Ford’s ongoing $ 11 billion restructuring and product cadence. The automaker announced last week it would cease production in Brazil as part of its restructuring at an estimated cost of $ 4.1 billion in pre-tax fees.
However, Barclays said it remains more optimistic for Ford’s Crosstown rival General Motors due to its focus on electric vehicles. GM plans to roll out 30 new electric vehicles by 2025 as part of a $ 27 billion investment in electric and autonomous vehicles. Ford has announced that it will invest more than $ 11.5 billion in electrified vehicles, including all-electric and plug-in hybrid models, by 2022.