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Ford Delays Bronco Deliveries Due To Supply Disruptions – Report
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Ford Delays Bronco Deliveries Due To Supply Disruptions – Report

Ford Motor Co. has pushed back the launch of its SUV (sports utility vehicle) – Bronco – due to COVID-19 pandemic-led supply chain disruptions, Reuters reported citing the company’s spokesperson.

Ford’s (F) spokesperson Said Deep told Reuters that “Deliveries will begin the summer rather than the spring. That’s being driven by COVID-related challenges some of our suppliers are experiencing.” (See F stock analysis on TipRanks).

Notably, this marks the second delay of the Bronco launch. The first postponement was announced in May this year due to a factory closure amid the pandemic.

Last month, Jefferies analyst Philippe Houchois raised the stock’s price target to $9.50 (1.7% upside potential) from $8.50 and reiterated a Buy rating. In a note to investors, Houchois said that Ford’s back-to-back better-than-expected quarterly profit and cash flow performance implies that the company is turning around under new management.

Meanwhile, the rest of the Street remains sidelined on the stock. The Hold analyst consensus is based on 10 Holds and 3 Buys. The average price target stands at $9.23 and implies downside potential of about 1.2% to current levels. Shares are up by 0.4% year-to-date.

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