Ford Motor Company (F) on Friday announced the recall of some 2017 Explorer Sport utility vehicles, after 31 people had reportedly injured their hands on sharp edges down the side of the vehicles’ front seat.
Ford shares closed higher for the fourth time in the past nine trading sessions in New York on Friday. The stock edged up 0.43% ($0.04) to $9.45, after touching an intraday high at $9.59, or a price level not seen since September 9th ($9.65).
Shares of Ford Motor Company have risen 23.53% so far in 2019 compared with a 19.97% gain for the benchmark index, S&P 500 (SPX).
In 2018, Ford Motor Co’s stock went down 38.75%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
Clients could come in contact with the sharp edges when reaching between the power front seat and center console, Ford said in a statement.
311 907 vehicles in the United States and federal territories were affected by the recall, Ford said, along with 23 380 vehicles in Canada and 3 045 vehicles in Mexico.
All recalled vehicles were manufactured at Chicago Assembly Plant between February 2016 and October 2017, the auto maker said.
The company also stated that dealers would install flocked tape to the exposed edge and tab on the inboard side of the power seat frames.
Analyst stock price forecast and recommendation
According to CNN Money, the 15 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $10.00, with a high estimate of $13.00 and a low estimate of $8.20. The median estimate represents a 5.82% upside compared to the closing price of $9.45 on September 13th.
The same media also reported that at least 10 out of 18 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 6 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
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