Two Detroit automakers jumped Monday morning on positive ****** yst news. Jefferies upgraded both General Motors and Ford to buy ratings, from hold.
The investment firm raised General Motors' price target to $99 from $90; and Ford to $17.50, up from $14.50, according to theFly.com. The price targets imply a 12-month upside of 17% for GM and 21% for Ford, relative to where shares traded Monday morning.
The ****** yst action for both companies follows an extended period of hold ratings, and comes after both automakers in December incurred huge, multibillion write-offs related to a series of electric vehicle investments that didn't pan out.
Ford stock rose as much as 3% on Monday's news as it continues to hug its 50-day line, according to MarketSurge. Meanwhile, General Motors' 3.5% gain pushed it briefly above a buy point of 85.41 as it tinkers with a breakout from a flat base. Over the last 12 months, General Motors (GM) is up just under 60%. Ford (F) advanced roughly 28%.
#ford #automakers
The investment firm raised General Motors' price target to $99 from $90; and Ford to $17.50, up from $14.50, according to theFly.com. The price targets imply a 12-month upside of 17% for GM and 21% for Ford, relative to where shares traded Monday morning.
The ****** yst action for both companies follows an extended period of hold ratings, and comes after both automakers in December incurred huge, multibillion write-offs related to a series of electric vehicle investments that didn't pan out.
Ford stock rose as much as 3% on Monday's news as it continues to hug its 50-day line, according to MarketSurge. Meanwhile, General Motors' 3.5% gain pushed it briefly above a buy point of 85.41 as it tinkers with a breakout from a flat base. Over the last 12 months, General Motors (GM) is up just under 60%. Ford (F) advanced roughly 28%.
#ford #automakers
2 months ago
