Ford stock lacks ‘near-term upside,’ RBC says on downgrade

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Analysts at RBC Capital Markets have downgraded their rating on Ford Motor Co. F, +0.68% stock to the equivalent of hold, saying in a note late Thursday that despite their belief that the auto maker’s turnaround is “well underway” and Ford can continue to transition toward a future dominated by electric vehicles, autonomous vehicles, and software, “the upside looks a little more challenging so moving to sidelines for now.” The analysts upped their price target on the stock to $26, from $21, representing an upside of around 4% over Friday’s prices. Ford stock has taken off, up about 145% in the past 12 months, compared with gains of around 23% for the S&P 500 index SPX, +0.08% in the same period. Ford is seen reporting fourth-quarter earnings later this month.

This article was originally published by Marketwatch.com. Read the original article here.

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