Just like that, hope was lost at Ford (NYSE:F). The automaker may have thought it was out of the woods with the United Auto Workers (UAW) strike, but reports noted that at two plants in Kentucky, it was anything but a done deal. Ford stock dropped fractionally in light of the news.
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What’s the Latest News About F Stock?
It looked like things were finally coming to an end. The UAW got one of the best contracts it had ever seen since its inception. Production was coming back online at Ford’s competitors, GM (NYSE:GM) and Stellantis (NYSE:STLA). But now, Ford’s own position appears to be in jeopardy as two plants’ worth of workers turned down the Ford deal. However, the picture is a bit more complex than you might expect. Production workers at the two plants turned down the deal, while skilled trade workers at those same plants accepted the deal. This left the membership of UAW Local 862 officially split.
And as if that weren’t bad enough, it only got worse. Ford’s plan to put together a jointly-operated battery cell plant in Turkey has been shuttered as well. The biggest reason – a declining demand for electric vehicles. The combined efforts of Ford, LG Energy Solution, and Koc Holdings weren’t enough to surmount issues of demand in electric vehicle adoption. However, a separate venture between Ford and Koc Holdings to make electric versions of the Transit van appears to be operational, at least for now.
What is the Target Price for F Stock?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on F stock based on six Buys, four Holds, and two Sells assigned in the past three months, as indicated by the graphic below. After a 22.96% loss in its share price over the past year, the average F price target of $13.20 per share implies 34.76% upside potential.
