Ford shares jump after Bank of America upgrades shares to buy
Ford shares rallied before the opening bell Friday morning after Bank of America Merrill Lynch upgraded the equity to buy from neutral.
The upgrade comes as"Ford's 'tough' days [are] starting to fade into the rearview," wrote Bank of America autos analyst John Murphy. The company should"hit Escape velocity in 2H:19+ with solid Car Wars position ... upgrade to Buy." "Ford is just starting to hit a more sustainable inflection in earnings , driven by the combination of a favorable product cadence in the all-important US/[North America] market and restructuring efforts," the analyst wrote.
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