Brazil’s CAOA has begun to negotiate a potential purchase of Ford Motor Company’s facility located in the city of Sao Bernardo do Campo, Reuters reported, citing a person with knowledge of the matter.
According to the source, talks are not yet at a final stage, but suggest the two companies are moving closer to striking a deal.
Ford shares closed higher for a second consecutive trading session in New York on Friday. The stock inched up 0.11% ($0.01) to $8.78, after touching an intraday high at $8.89, or a price level not seen since March 4th ($8.97).
Shares of Ford Motor Company have risen 14.77% so far in 2019 compared with a 13.07% gain for the benchmark index, S&P 500 (SPX).
In 2018, Ford Motor Co’s stock plummeted 38.75%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
In February, Ford revealed plans to close its plant in Sao Bernardo do Campo and cut 3 000 jobs as part of a global restructuring program.
Following the US auto makers announcement, Sao Paulo governor Joao Doria embarked on a campaign to find a buyer for the site. According to Reuters, up to three different companies have expressed interest to buy that facility.
According to CNN Money, the 18 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $9.25, with a high estimate of $12.00 and a low estimate of $6.00. The median estimate represents a 5.35% upside compared to the closing price of $8.78 on March 29th.
The same media also reported that 15 out of 22 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Ford Motor Company (F) are presented as follows:
Central Pivot Point – $8.71
R1 – $8.96
R2 – $9.13
R3 – $9.38
R4 – $9.62
S1 – $8.54
S2 – $8.29
S3 – $8.12
S4 – $7.94