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Why Ford Stock Is Rising Today

Stock Markets Oct 05, 2022 14:10
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Ford Motor Co (NYSE: NYSE:F) shares are trading higher Wednesday following positive analyst coverage from Morgan Stanley (NYSE:MS).

What Happened: Morgan Stanley analyst Adam Jonas upgraded Ford from Equal-Weight to Overweight and set a $14 price target. Jonas believes the recent pullback offers an attractive buying opportunity.

Ford shares are down nearly 20% over the last month, but the stock traded higher Tuesday after the company said its electric vehicle sales tripled last month.

Ford said it sold a total of 142,644 vehicles in September, consisting of 68,299 trucks, 70,887 SUVs and 4,691 EVs. EV sales were up 197.3% on a year-over-year basis. Ford also said its EV share increased 3.1% to 7% of the total market.

The F-150 Lightning was America's best-selling electric pickup truck last month. The company's E-Transit vans were America's best-selling electric vans in September.

"Demand remains strong with new retail orders rapidly expanding," said Andrew Frick, vice president of sales, distribution and trucks, Ford Blue.

F Price Action: Ford has a 52-week high of $25.87 and a 52-week low of $10.61.

The stock was up 1.46% at $12.54 at time of publication, according to Benzinga Pro.

Photo: courtesy of Ford.

Latest Ratings for F

DateFirmActionFromTo
Feb 2022 Wells Fargo (NYSE:WFC)MaintainsOverweight
Feb 2022Morgan StanleyMaintainsUnderweight
Feb 2022 Credit Suisse (SIX:CSGN)MaintainsOutperform
View More Analyst Ratings for F

View the Latest Analyst Ratings

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Why Ford Stock Is Rising Today
 

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