Deutsche downgrades Ford to Sell on ‘meaningful’ earnings risk

Deutsche Bank analyst Emmanuel Rosner downgraded Ford to Sell from Hold with a price target of $11, down from $13. The "large" miss and "new aggressive" 2023 guidance showcase Ford’s "considerable operational shortfalls and suggest meaningful downside risk to earnings trajectory," the analyst tells investors in a research note. Management blamed supply chain conditions but also recognized its suboptimal material economics and poor operational execution, the firm contends. It is concerned about the limited visibility into Ford’s supply base.