Consumer auto trends have been a weird thing these last few years. Too many shoppers, not enough shoppers, and issues with the supply chain and interest rates have left car buying a confusing mess since 2020. But things are looking up, and Ford (NYSE:F) is up somewhat in Monday afternoon’s trading thanks to a little help from the analyst pool.
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Citi, by way of analyst Itay Michaeli, bumped up Ford from Hold to Buy, thanks to the results of a new survey. The survey in question noted that demand trends were starting to improve, and that helped improve Ford’s “risk-reward profile,” Michaeli noted. Further, Michaeli looks for “…an opportunity for improved sentiment towards our $16 price target, which is still derived on what we’d consider prudent/conservative multiples.”
To that end, Ford has been making a lot of progress lately. Its latest move to team up with Tesla (NASDAQ:TSLA) on charging systems has given it something of an edge in the field. With Tesla and Ford able to share charging infrastructure, that should encourage potential buyers to take advantage of a system they already know has the necessary infrastructure to work.
Despite Citi’s newfound optimism, analysts overall are split on Ford. With six Buy ratings, five Holds, and one Sell, Ford stock is considered a Moderate Buy. Further, it offers investors a 16.31% upside potential thanks to its average price target of $14.62 per share.
