Ford upgraded to Buy from Hold at Jefferies

Jefferies upgraded Ford (F) to Buy from Hold with a price target of $17.50, up from $14.50. The firm sees Q2 as the low point for Ford’s volumes with post-Novelis production set to normalize up. U.S. market conditions are “healthy” and the company could raise its outlook with the Q2 report, the analyst tells investors in a research note. Ford is also demonstrating “improved capital allocation and addressing old overhangs,” adds Jefferies. The firm believes General Motors (GM) “painting a benign picture” of U.S. demand creates a more supportive environment for Ford.

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