Ford stock rose sharply on Wednesday morning after the Detroit automaker reported mixed second-quarter results and raised its full-year guidance, earning a quick upgrade to buy from Citi.
The ****** yst's note cited improving momentum and placed a price target at 20, 34% above where Ford stock ended Tuesday. Shares of Ford (F) were up around more than 7% in Wednesday's premarket trading, according to MarketSurge.
Ford reported revenue fell less than expected, down 3.8% to $48.3 billion vs. views for $47.2 billion. Net losses ballooned from $36 million last year to $1.3 billion. The large net losses for the quarter were largely attributable to a $3.6 billion charge Ford incurred after canceling an EV battery joint venture with the South Korean company SK On.
Analyst had projected net losses of $290 million, according to FactSet. Adjusted earnings per share were 42 cents, against an expected 36 cents.
Stock Market Today: Oil Prices Rise, Dow Futures Drop
#Stock #quarter
The ****** yst's note cited improving momentum and placed a price target at 20, 34% above where Ford stock ended Tuesday. Shares of Ford (F) were up around more than 7% in Wednesday's premarket trading, according to MarketSurge.
Ford reported revenue fell less than expected, down 3.8% to $48.3 billion vs. views for $47.2 billion. Net losses ballooned from $36 million last year to $1.3 billion. The large net losses for the quarter were largely attributable to a $3.6 billion charge Ford incurred after canceling an EV battery joint venture with the South Korean company SK On.
Analyst had projected net losses of $290 million, according to FactSet. Adjusted earnings per share were 42 cents, against an expected 36 cents.
Stock Market Today: Oil Prices Rise, Dow Futures Drop
#Stock #quarter
3 days ago
