Ford (F.US) shares jumped over 7% after the auto maker was upgraded to buy from hold by Benchmark analyst Michael Ward, which believes that new management and better than expected third-quarter earnings will provide a near-term catalyst for the company.
"Better-than-expected North American production, a positive shift in mix, and improving metrics in the auto-credit markets ... are the primary drivers for better- than-expected earnings performance in the third quarter," he said in a note to investors.
In addition, Ward said, "demand in China has been better than expected and expansion of the Lincoln brand should be a plus for Ford."
Ward also introduced a price target of $10 a share, which is 38% above Friday's closing price of $7.25.
In addition, Ward said, "demand in China has been better than expected and expansion of the Lincoln brand should be a plus for Ford."
Ward also introduced a price target of $10 a share, which is 38% above Friday's closing price of $7.25.
Ford (F.US) stock is testing major resistance level at $7.80. Should buyers manage to uphold momentum, then another upward impulse towards $8.49 could be launched. Source: xStation5
