Ford Motor Co (F) said earlier this week that it would resume production at select key facilities in North America as early as April 6th. Additional safety measures will be introduced for returning workers’ protection, the company said.
Ford shares closed lower for the sixth time in the past ten trading sessions in New York on Thursday. The stock went down 2.60% ($0.14) to $5.25, after touching an intraday low at $5.17 and an intraday high at $5.61.
Shares of Ford Motor Company have retreated 43.55% so far in 2020 compared with an 18.59% loss for the benchmark index, S&P 500 (SPX).
In 2019, Ford Motor Co’s stock went up 21.57%, thus, it again underperformed the S&P 500, which registered a 28.88% gain.
Ford said it intended to resume production at Hermosillo Assembly Plant on April 6th on one shift. Additionally, it intends to begin vehicle production at its Dearborn Truck Plant, Kentucky Truck Plant, Kansas City Assembly Plant’s Transit line and Ohio Assembly Plant on April 14th.
The auto maker is also seeking to restart production on April 14th at:
– Dearborn Stamping Plant
– Dearborn Diversified Manufacturing Plant
– Integrated stamping plants within Kansas City and Kentucky Truck plants
– Sharonville Transmission Plant
– Portions of Van Dyke Transmission, Lima Engine and Rawsonville Components plants.
Analyst stock price forecast and recommendation
According to CNN Money, the 14 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $6.55, with a high estimate of $12.00 and a low estimate of $4.00. The median estimate represents a 24.76% upside compared to the closing price of $5.25 on March 26th.
The same media also reported that at least 11 out of 18 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.