Morgan Stanley said it made a 'significant increase' in its estimates for Ford earnings over the next three years.
The Ford Motor Co. Mustang Shelby GT500 vehicle is displayed during the 2019 North American International Auto Show in Detroit, Michigan,.stock to overweight from equal weight on Tuesday, citing a "significant increase" in estimates for Ford earnings over the next three years.
Ford's recent stock dip is "a buying opportunity," as it is a "reset of [fiscal year 2019] expectations," Morgan Stanley analyst Adam Jonas said in a note to investors. Jonas said his firm likes Ford for three reasons: "Restructuring actions," "strategic actions" and "product mix enhancement." "Our previous concerns over Ford's ability to maintain its dividend payment have largely subsided," Jonas added.
Ford shares rose 1.8% in premarket trading from its previous close of $9.23. Morgan Stanley increased its price target on Ford to $12 a share from $10. The stock has fallen nearly 10% in the past month, but is up about 21% so far this year.
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