Ford Inventory Slumps On UBS Downgrade to ‘Promote’; GM Ranking Additionally Reduce

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Ford Motor  (F)  shares slumped decrease in pre-market buying and selling after analysts at UBS lowered their ranking and worth goal on the carmaker, citing a pointy demand hit linked to the looming U.S. recession. 

UBS analyst Patrick Hummel lower his ranking on the inventory to ‘promote’, from ‘impartial’, and took $3 off his worth goal to a brand new stage of $10 per share forward of the group’s third quarter earnings later this month, citing the danger of U.S. recession and the affect of a hunch in its European operations. 

Ford stated final week that September gross sales had been stable, rising 16% from final yr to 464,674 items, however cautioned late final month that gummed-up provide chains would clip its third quarter backside line amid what it known as “limits on availability of sure components in addition to greater funds made to suppliers to account for the results of inflation.”



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