Ford (F) PT Lowered to $21 at Benchmark

Benchmark analyst Michael Ward lowered the price target on Ford (NYSE: F) to $21.00 (from $23.00) while maintaining a Buy rating.

The analyst comments "Ford reported 3Q 2022 earnings of $0.30 per share compared with earnings $0.51 per share in the 2021 period and our estimate for earnings of $0.25 per share. Global auto operations reported EBIT income of $1.7 billion down from $2.5 billion last year; the preannounced delay in delivery of 40-45,000 vehicles in NA, commodity costs and commercial settlements account for the decline. Ford Credit added pretax income of $0.6 billion compared with $1.1 billion last year. The company expects adjusted EBIT of $11.5 billion in 2022, at the low end of previous guidance. In our view, the need to replenish inventory levels globally, an improved cost position, competitive products, a strong balance sheet, and positive underlying demand trends have positioned Ford and the auto sector to outperform the global economy over the next 12-24 months. We reduced our 2022 and 2023 earnings assumptions to reflect lower industry volume assumptions and reduced earnings at Ford Credit. We rate Ford Buy with a $21 per share price target."

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