Ford Enters the EV Arms Race. Here's What Wall Street Thinks. -- Barrons.com
Ford Enters the EV Arms Race. Here's What Wall Street Thinks. -- Barrons.com
DJ Ford Enters the EV Arms Race. Here's What Wall Street Thinks. -- Barrons.com
DJ福特加入電動汽車軍備競賽。以下是華爾街的想法。--Barrons.com
By Al Root
按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.
福特汽車(Ford Motor)第四季度業績超出華爾街預期，推動其股價兩次走高，同時計劃加入競爭對手的行列，在電動汽車和自動駕駛汽車上大舉投資。
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.
該股在盤前交易中上漲約3%，但後來回落0.8%，至11.47美元。標準普爾500指數(S&P500)和道瓊斯工業平均指數(Dow Jones Industrial Average)均上漲約0.4%。截至上週五，福特的市場份額今年迄今已上漲近30%。
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.
德意志銀行(Deutsche Bank)分析師伊曼紐爾·羅斯納(Emmanuel Rosner)將福特(股票代碼：F)的目標股價從11美元上調至12美元。他維持對福特股票的持有評級，但他表示，他對福特的財務業績和該公司對電動汽車日益增長的承諾感到鼓舞。
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.
福特宣佈在2021年至2025年期間在電動汽車上投入150億美元，並在自動駕駛汽車技術上另外投入50億美元。這200億美元與通用汽車(General Motors)最近宣佈的用於電動和AV開發的270億美元大致形成了對比。經規模調整後，福特在這些領域的承諾與幾乎任何其他汽車製造商都不相上下。
The total spending on EV and AV development Ford has announced totals $29 billion, but that figure includes money already invested.
福特宣佈在電動汽車和AV開發上的總支出為290億美元，但這個數字包括已經投入的資金。
"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.
加拿大皇家銀行(RBC)分析師喬·斯派克(Joe Spak)在一份研究報告中談到支出計劃時表示：“這一舉措可以支持改善福特股票的説法。”儘管他將目標股價從10美元上調了30%，至13美元，但他仍將股票評級維持不變。Spak希望在上調股票評級之前，確信利潤率將繼續擴大。
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%.
福特告訴投資者，預計2021年營業利潤約為76億美元。這比2019年(疫情爆發前的一年)的水平有所上升，這意味着利潤率約為5%。Spak希望看到整個公司的利潤率達到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.
Benchmark分析師Mike Ward也將福特目標價從13美元上調至14美元，不過他對股票評級為Buy。沃德表示，2021年對該公司來説將是不錯的一年，因為該公司推出了新產品，汽車經銷商也在補充因新冠肺炎投產而減少的庫存。
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.
美國銀行(Bank Of America)分析師約翰·墨菲(John Murphy)與沃德(Ward)的目標價相同，從12美元上調至14美元。他還對福特購買(Ford Buy)進行了評級，稱福特的季度業績非常強勁，福特2021年的業績指引保守。
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.
分析師在很大程度上稱讚了該季度。不過，高盛(Goldman Sachs)分析師馬克·德萊尼(Mark Delaney)提出了警告。他也對福特的電動汽車計劃感到鼓舞，但相信該公司可能在電動汽車競賽中落後於同行。他對福特股票的評級為持有，並設定了11美元的目標價。
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.
一場電動汽車軍備競賽正在進行中。韋德布什分析師丹·艾夫斯(Dan Ives)認為，福特的計劃標誌着汽車行業正在進入他所説的電動汽車的黃金時代。
"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.
“在拜登政府和中國的領導下，美國有望掀起一股綠色浪潮[是]看到消費者飆升[電動汽車]全面的需求。“艾夫斯在週四的一份報告中寫道。
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%.
他不報道福特股票，但跟蹤顛覆性技術。他對特斯拉(Tesla)股票的評級為持有，併為埃隆·馬斯克的公司設定了950美元的目標價。特斯拉股價週五早盤報840.15美元，下跌1%.
Write to Al Root at allen.root@dowjones.com
寫信給Al Root，地址是allen.root@dowjones.com
(END) Dow Jones Newswires
(完)道瓊通訊社
February 05, 2021 10:21 ET (15:21 GMT)
2021年2月5日10：21美國東部時間(格林尼治標準時間15：21)
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