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Ford Enters the EV Arms Race. Here's What Wall Street Thinks. -- Barrons.com

福特加入电动汽车军备竞赛。以下是华尔街的想法。--Barrons.com

2021/02/05 23:21  Dow Jones Newswires

DJ Ford Enters the EV Arms Race. Here's What Wall Street Thinks. -- Barrons.com


By Al Root

Ford Motor gave its stock two pushes higher with fourth-quarter results that exceeded Wall Street expectations, plus plans to join its rivals in spending big on electric and autonomous vehicles.

The stock was up about 3% in premarket trading, though it later slipped back for a gain of 0.8% to $11.47. The S&P 500 and Dow Jones Industrial Average were both up about 0.4%. Through Friday, Ford share have gained almost 30% year to date.

Deutsche Bank analyst Emmanuel Rosner took his target for Ford's (ticker: F) stock price to $12 from $11. He kept a Hold rating on the stock, though he said he was encouraged by the financial results and the company's increasing commitment to EVs.

Ford announced $15 billion in spending on EVs between 2021 and 2025 as well as another $5 billion for autonomous-vehicle technologies. The $20 billion compares roughly with the $27 billion announced by General Motors (GM) recently for both electric and AV development. Adjusted for size, Ford's commitment to those areas matches those of almost any other auto maker.

The total spending on EV and AV development Ford has announced totals $29 billion, but that figure includes money already invested.

"This move can support an improving narrative," for Ford stock, RBC analyst Joe Spak said of the spending plan in a research note. He still rates the shares at Hold, though he lifted his target for the share price by 30%, to $13 from $10. Spak wants to be convinced that profit margins will keep expanding before upgrading the stock.

Ford told investors to expect about $7.6 billion in 2021 operating profit. That is up from 2019 levels -- a pre-pandemic year -- and implies profit margins of roughly 5%. Spak wants to see corporate-wide margins reach 8%.

Benchmark analyst Mike Ward also raised his Ford price target, to $14 from $13. He, however, rates shares at Buy. Ward says 2021 will be a good year for the company as it introduces new products and as car dealers replenish inventories reduced as Covid-19 hit production.

Bank of America analyst John Murphy has the same $14 target as Ward, after increasing it from $12. He also rates Ford Buy, calling Ford's quarter very strong and Ford's 2021 guidance conservative.

Analysts, for the most part, praised the quarter. Goldman Sachs analyst Mark Delaney had a word of caution, though. He too is encouraged by Ford's EV plans, but believes the company might be behind its peers in the EV race. He rate Ford stock at Hold and has an $11 price target.

An EV arms race is under way. Wedbush analyst Dan Ives believes Ford's plans signal the car business is entering what he calls a golden age of EVs.

"A green tidal wave expected in the U.S. under a Biden Administration and China [is] seeing skyrocketing consumer [EV] demand across the board, " wrote Ives in a Thursday report.

He doesn't cover Ford stock, but follows disruptive technologies. He rates Tesla (TSLA) stock at Hold and has a $950 target price for Elon Musk's firm. Tesla stock was at $840.15 on Friday morning, down 1%.

Write to Al Root at allen.root@dowjones.com

(END) Dow Jones Newswires

February 05, 2021 10:21 ET (15:21 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

DJ福特加入电动汽车军备竞赛。以下是华尔街的想法。--Barrons.com


按Al Root

福特汽车(Ford Motor)第四季度业绩超出华尔街预期,推动其股价两次走高,同时计划加入竞争对手的行列,在电动汽车和自动驾驶汽车上大举投资。

该股在盘前交易中上涨约3%,但后来回落0.8%,至11.47美元。标准普尔500指数(S&P500)和道琼斯工业平均指数(Dow Jones Industrial Average)均上涨约0.4%。截至上周五,福特的市场份额今年迄今已上涨近30%。

德意志银行(Deutsche Bank)分析师伊曼纽尔·罗斯纳(Emmanuel Rosner)将福特(股票代码:F)的目标股价从11美元上调至12美元。他维持对福特股票的持有评级,但他表示,他对福特的财务业绩和该公司对电动汽车日益增长的承诺感到鼓舞。

福特宣布在2021年至2025年期间在电动汽车上投入150亿美元,并在自动驾驶汽车技术上另外投入50亿美元。这200亿美元与通用汽车(General Motors)最近宣布的用于电动和AV开发的270亿美元大致形成了对比。经规模调整后,福特在这些领域的承诺与几乎任何其他汽车制造商都不相上下。

福特宣布在电动汽车和AV开发上的总支出为290亿美元,但这个数字包括已经投入的资金。

加拿大皇家银行(RBC)分析师乔·斯派克(Joe Spak)在一份研究报告中谈到支出计划时表示:“这一举措可以支持改善福特股票的说法。”尽管他将目标股价从10美元上调了30%,至13美元,但他仍将股票评级维持不变。Spak希望在上调股票评级之前,确信利润率将继续扩大。

福特告诉投资者,预计2021年营业利润约为76亿美元。这比2019年(疫情爆发前的一年)的水平有所上升,这意味着利润率约为5%。Spak希望看到整个公司的利润率达到8%。

Benchmark分析师Mike Ward也将福特目标价从13美元上调至14美元,不过他对股票评级为Buy。沃德表示,2021年对该公司来说将是不错的一年,因为该公司推出了新产品,汽车经销商也在补充因新冠肺炎投产而减少的库存。

美国银行(Bank Of America)分析师约翰·墨菲(John Murphy)与沃德(Ward)的目标价相同,从12美元上调至14美元。他还对福特购买(Ford Buy)进行了评级,称福特的季度业绩非常强劲,福特2021年的业绩指引保守。

分析师在很大程度上称赞了该季度。不过,高盛(Goldman Sachs)分析师马克·德莱尼(Mark Delaney)提出了警告。他也对福特的电动汽车计划感到鼓舞,但相信该公司可能在电动汽车竞赛中落后于同行。他对福特股票的评级为持有,并设定了11美元的目标价。

一场电动汽车军备竞赛正在进行中。韦德布什分析师丹·艾夫斯(Dan Ives)认为,福特的计划标志着汽车行业正在进入他所说的电动汽车的黄金时代。

“在拜登政府和中国的领导下,美国有望掀起一股绿色浪潮[是]看到消费者飙升[电动汽车]全面的需求。“艾夫斯在周四的一份报告中写道。

他不报道福特股票,但跟踪颠覆性技术。他对特斯拉(Tesla)股票的评级为持有,并为埃隆·马斯克的公司设定了950美元的目标价。特斯拉股价周五早盘报840.15美元,下跌1%.

写信给Al Root,地址是allen.root@dowjones.com

(完)道琼斯通讯社

2021年2月5日10:21美国东部时间(格林尼治标准时间15:21)

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