Wolfe Research downgraded Ford Motor Company from Outperform to Peer Perform on Thursday. Wolfe Research upgraded Ford’s stock to “outperform” from “peer perform.” The firm also increased its price target to $22 from $17. Rod Lache of Raymond James noted that he now believes that Ford’s (F) stock reflects the bullish movement was expected due to the company’s recent changes. He also said that he now prefers General Motors due to the company’s autonomous driving platform.
In October, General Motors said it would boost the sales of its autonomous EV and increase its Cruise program to reach an annual profit of $280 billion by the end of 2030. According to Jonas, Ford’s (F) total FY21 battery EV sales will beat those of General Motors in the US. This year, Ford’s sales will excel those of both companies. Citi analyst Itay Michaeli conducted a questionnaire to gain a better understanding of the dynamics of electric vehicle pickup sales. He noted that the survey results indicate that consumers are more inclined to pay a healthy price premium for an EV pickup.