Ford Motor Co (F) announced on Thursday that it had initiated production of a new generation of its F-150 pickup truck at its factory in Dearborn, Michigan. The vehicle is expected to come to market in November.
Ford shares closed higher for the fifth time in the past ten trading sessions in New York on Thursday. It has also been the sharpest single-session gain since August 24th. The stock went up 3.70% ($0.26) to $7.28, after touching an intraday high at $7.34, or a price level not seen since August 12th ($7.36).
Shares of Ford Motor Company have retreated 21.72% so far in 2020 compared with a 3.91% gain 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.
The US auto maker also intends to manufacture an electric version of the top-selling F-150, which may go on sale by mid-2022.
The battery-electric F-150 pickup truck will have a lifetime total cost of ownership, which is nearly half that of the current gasoline-based vehicle model.
The electric version will also have a big front trunk instead of an engine, the company said.
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 $8.00, with a high estimate of $9.00 and a low estimate of $4.90. The median estimate represents a 9.89% upside compared to the closing price of $7.28 on September 17th.
The same media also reported that at least 14 out of 18 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 3 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
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