Ford Motor Company (F) released earlier this week images and a video of a “race-inspired Bronco R prototype”, which gave an idea of what the highly anticipated production Sport-utility vehicle would look like.
The Bronco was discontinued in 1996, but in January 2017, Ford said that it intended to resurrect the SUV. However, the US auto maker disclosed little additional information about the new vehicle.
Ford shares closed higher for a fourth consecutive trading session in New York on Tuesday. The stock edged up 0.22% ($0.02) to $9.02, after touching an intraday high at $9.15, or a price level not seen since October 23rd ($9.21).
Shares of Ford Motor Company have risen 17.91% so far in 2019 compared with a 22.65% gain for the benchmark index, S&P 500 (SPX).
In 2018, Ford Motor Co’s stock went down 38.75%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.
Ford created the race vehicle to mark the 50th anniversary of a Bronco win of the Baja 1000 in 1969, an off-road motorsport race held every year on the Baja California Peninsula in Mexico.
“Like the original Bronco, we kept Bronco R’s design authentic and simple, with a roll cage on a production-style frame, and a five-piece lightweight body on top,” Brian Novak, Ford Performance off-road racing supervisor, was quoted as saying in the company’s press release.
“For the endurance needs of Baja’s 1,000 grueling miles, we built in a limited number of race-focused parts. But even the twin turbos of the EcoBoost engine are representative of what the production Bronco will offer,” Novak added.
“Bronco’s win at Baja in 1969 was epic, something that even after 50 years has not been repeated,” Hau Thai-Tang, Ford’s chief product development and purchasing officer, said in a statement.
“Rugged endurance racing is such a big part of Bronco heritage. The Baja 1000 gives us not only the perfect setting to honor Rod Hall’s win, it also provides an authentic test bed to demonstrate our upcoming Bronco’s desert racing capability and durability.”
The SUV is expected to debut during spring of 2020.
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 $8.00. The median estimate represents a 10.86% upside compared to the closing price of $9.02 on November 5th.
The same media also reported that at least 10 out of 17 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.
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