The Fly

Ford price target lowered to $19 from $21 at Benchmark

Benchmark analyst Michael Ward lowered the firm’s price target on Ford to $19 from $21 and keeps a Buy rating on the shares following an earnings report that he called a "disappointing end to 2022" that came with soft 2023 guidance. The analyst, who said Ford "seems to find a way to dump a bucket of cold water on the auto stocks when the group begins to gain momentum," added that there was "good news" as Ford announced a 65c per share year-end special dividend and said that it expects to payout 40-50% of free cash flow to shareholders going forward.

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