Jefferies analyst Philippe Houchois last night upgraded Ford (F) to Hold from Underperform with a price target of $12, up from $9. The firm says that with 43% of U.S. volume in full size pick-ups and SUVs, the loosening of current constraints on mix of higher CO2 mix models should enable Ford to offset tariffs and improve earnings next year. Jefferies expects Ford to remain committed to an electrification strategy and believes the company should benefit from a longer adjustment period. However, Jefferies says the shares are “relatively expensive” at current levels.
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