Analysts say it’s too early for investors to value and trade legacy automakers such as Ford like electric vehicle stocks
Shares of Ford fell 0.5% to nearly $22 per share on Thursday despite a downgrade from Jefferies analysts, who warn the stock may have gotten ahead of itself.
Analyst Phillipe Houchois downgraded Ford from a “buy” to a “hold” rating noting that shares have limited upside left after a hot streak that sent the stock skyrocketing more than 130% in 2021.on its electric vehicle ambitions, it’s too early for investors to be trading Ford stock like an EV company, he argues.
The Jefferies analyst is subsequently hesitant to assign a higher valuation multiple to Ford’s stock, pointing out that the company is still susceptible to production issues caused by the pandemic and the shortage in semiconductors. Ford shares have repeatedly surged past most analysts’ estimates, leaving them to either have to downgrade the stock or adjust price targets: Despite the downgrade, Houchois raised his price target to $25 per share from $20 per share.
After the massive run up, shares are still “in good shape and in good hands,” according to Houchois, who likes the direction the company is heading under CEO Jim Farley.that the $900 million gain from its investment in recently public electric truck maker Rivian will not be included in full-year financial results. The company essentially revised guidance on annual revenue slightly lower because of an accounting change related to the timing of Rivian’s IPO in November.
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