Wolfe Research lowers Ford Motor Company (NYSE:F) to a Peer Perform rating after having the auto stock slotted at Outperform.
The strong 123% YTD rally in Ford (F) is seen as already pricing in the EV upside.
Analyst Rod Lache: "While we see an additional $3/share of value from Ford’s stake in Argo, we worry about diminishing [Sum of the Parts] upside from other Auto Tech investments as the company monetizes them (investors typically don’t give OEMs much credit for cash on their balance sheets)."
Lache and team expect auto suppliers to outperform manufacturers next year and prefer General Motors (NYSE:GM) to Ford (F).
Shares of Ford (F) are down 0.05% premarket to $19.57.