J.P. Morgan analyst Ryan Brinkman issued a price upgrade on Ford Motor Company (NYSE: F) shares after being “blown away” by a ride in the company’s F-150 lightning electric truck, Yahoo Finance reported Tuesday.
What Happened: Brinkman repeated his Overweight rating on Ford and increased his price target to $16 from $15.
“We were blown away by the ride experience. It is a surreal and unexpected feeling to accelerate from 0 to 60 mph in 4.5 seconds, to tow a 6,000 lbs up a 30 degree incline, and to perform extreme off-road maneuvers silently in a 6,500 lbs. vehicle.” wrote Brinkman in a research note, according to Yahoo Finance.
Brinkman said that as customers, analysts and investors experience the vehicle, it will change their perception of Ford as a brand and a company.
Ford shares have risen 45.7% since the year began. The company’s shares rose 1.01% in the after-hours session on Monday to $12.94 after ending the regular session nearly 1.9% lower at $12.81.
Why It Matters: Brinkman noted that the “expectation of improving investor sentiment relative to the competitiveness and technological prowess of Ford’s product portfolio and resulting implication for long-term growth and profitability,” reported Yahoo Finance.
Ford has priced the electric version of its popular F-150 truck at $30,974 onwards. Bookings are slated to commence in mid-2022.
See Also: Tesla Cybertruck Loses Out To Ford F-150 In Cox Survey Of US Pickup Buyers
Tesla CEO Elon Musk congratulated Ford on “embracing an electric future!” through social media.
Click here to check out Fintech Zoom’s EV Hub for the latest electric vehicles news.
Photo: Courtesy of Ford
Latest Ratings for F
|May 2021||Tudor Pickering||Initiates Coverage On||Buy|
|Apr 2021||Wolfe Research||Upgrades||Peer Perform||Outperform|
|Apr 2021||Wells Fargo||Initiates Coverage On||Overweight|
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Nasdaq (TSLA) – Ford Motor Company (NYSE:F), Tesla Motors, Inc. ((NASDAQ:(TSLA))) – JPMorgan Analyst ‘Blown Away’ By Ride Experience With Ford F-150 Lightning Electric Truck
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