Ford (NYSE:F) stock is falling on Friday after the automobile company’s shares were hit with a downgrade.
Deutsche Bank analysts are behind the downgrade as they dropped Ford stock from a “hold” rating to a “sell” rating. For the record, the analysts’ consensus rating for F stock is “hold.” That’s based on 17 analysts’ opinions.
To go along with that downgrade, Deutsche Bank also lowered its price target for Ford stock from $13 per share to $11 per share. That represents a potential 23.2% downside for the company’s stock. It’s also below the analysts’ consensus price predictions of $16.49 per share.
What’s Behind the Ford Stock Downgrade?
The downgrade comes after the latest Ford earnings report failed to inspire confidence in the company. Here’s what the Deutsche Bank analysts had to say about F stock in a note to clients collected by Investing.com:
“Management blamed supply chain conditions but also recognized its suboptimal material economics and poor operational execution; we also worry about its limited visibility into its supply base.”
With today’s news comes heavy trading of Ford stock. As of this writing, more than 61 million shares of the stock have been traded. That’s already above the company’s daily average trading volume of about 53 million shares.
F stock is down 7.7% as of Friday morning.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace has all of the hottest stock market coverage traders need to know about on Friday! Our coverage includes what’s happening with shares of Mullen Automotive (NASDAQ:MULN), Salesforce (NYSE:CRM), and Nordstrom (NYSE:JWN) stock today. All of that news is ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
