Ford CEO Jim Farley takes off his mask at the Ford Built for America event at the Ford Dearborn Truck Plant on September 17, 2020 in Dearborn, Michigan.
Nic Antaya | Getty Images
DETROIT – Ford Motor shares hit a new 52-week high for the third consecutive day on Thursday, putting the stock on track since at least June.
The stock is up about 20% this week, including a whopping 11.9% rise in Thursday morning intraday trading. The shares hit a high of $ 12.15 on Thursday – the highest share price since June 2018. As of Thursday afternoon, they were up about 8%.
The increase follows positive comments from Deutsche Bank and Barclays about Ford’s product plans and its fourth-quarter earnings reporting on February 4, including optimism about the outlook for 2021. The automaker also received praise earlier this month for its all-electric Mustang Mach- A crossover after Ford allowed several analysts to test the vehicle.
Deutsche added a short-term buy idea for a catalyst call on Ford stock on Wednesday and said it was optimistic about the company’s upcoming earnings report and future product plans, including the Bronco SUV. The company maintained its long-term rating on its shares.
“We see potential catalysts in the coming months, including a solid 2021 outlook for its 4Q earnings call (2/4), the launch of some key models under its new executive management team, and Capital Markets Day in the spring, where Ford could restart its redesign program and present a new EV strategy, ”Deutsche’s Emmanuel Rosner wrote in an investor note.
Ford launches the Bronco 2021 with more than 200 factory-supported aftermarket accessories for enhanced capabilities and personalization.
Source: Ford
Barclays continued on Thursday by reaffirming it remains above consensus for Ford on the basis of Ford’s ongoing $ 11 billion restructuring and product cadence. The carmaker announced last week that it would end production in Brazil at an expected cost of $ 4.1 billion in pre-tax costs as part of the restructuring.
However, Barclays said it remains more optimistic about Ford’s crosstown rival, General Motors, for its focus on electric vehicles. GM’s plan includes the launch of 30 new EVs by 2025 under a $ 27 billion investment in electric and autonomous vehicles. Ford has said it will invest more than $ 11.5 billion in electric vehicles, including all-electric and plug-in hybrid models, through 2022.