The latest sales numbers are out for legacy automaker Ford (NYSE:F), and the news is fantastic. Sales are up in a grand double-digit style, and there are signs its internal operations are improving as well. With all that in mind, it’s small wonder Ford shares are up over 3% in Monday afternoon’s trading.
Total sales were up 10.5% last month against February 2023’s figures, with a total of 174,192 cars and trucks sold. Every category saw increases, with the traditional leader, internal combustion engine sales, up 7.5% against February 2023. Hybrids surged an additional 32%, and pure electric sales were up a whopping 81%. Ford has been actively working to push its hybrid vehicles, and the results have proven astonishing so far.
Putting More into Repair
Yet, even as Ford celebrates, it’s working to shore up its ability to service what it sells. A new deadline of April 1 has been recently set for at least 54% of technicians to complete some new training. If that doesn’t happen, then Ford won’t be paying for certain repairs carried out. Currently, only about 46% of said technicians have the relevant training. Meanwhile, Ford is also working to mint new repair techs entirely, offering $2 million in scholarships through dealers and the Ford Fund to help students land certifications as automotive technicians.
What Is the Target Price for Ford Stock?
Turning to Wall Street, analysts have a Hold consensus rating on Ford stock based on six Buys, five Holds, and four Sells assigned in the past three months, as indicated by the graphic below. After a 5.96% rally in its share price over the past year, the average Ford price target of $13.90 per share implies 8.13% upside potential.
