Citi raised the firm’s price target on Ford to $17 from $16 and keeps a Buy rating on the shares. The firm maintains a more constructive stance on U.S. automaker stocks following its recent vehicle density survey, and sees GM as having the “most compelling Q2 setup.” Consensus estimates for Ford have risen, but there continues to be upside primarily on strong volume and mix, the analyst tells investors in a research note. The firm views the stock setup as slightly positive, saying another strong quarter should lead to upward estimate revisions and increased confidence in the company’s execution.
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