Ford downgraded to Neutral from Buy at UBS

UBS analyst Joseph Spak downgraded Ford to Neutral from Buy with an unchanged price target of $12. The stock is more fairly valued at current levels, the analyst tells investors in a research note. The firm sees more limited upside to estimates over 2024 and 2025 than prior years. While Ford is subject to the same industry headwinds as other automakers like pricing, affordability, labor, investment, and is trying to increase their capital efficiency, it may have more to reverse versus peers considering its execution and quality challenges, the analyst tells investors in a research note.