Ford: double downgrade of Wells Fargo, which is underweight


Wells Fargo announced on Thursday that it had lowered its recommendation on Ford stock by two notches, going from ‘overweight’ to ‘underweight’, with a price target reduced from 24 to 12 dollars.

In a research note, the intermediary fears that the 2022 financial year will constitute a peak for the group in terms of results, the transition to electric vehicles then being called upon to penalize its accounts.

Wells Fargo especially highlights the great dependence of the second American car manufacturer on the range of F-Series pick-ups, which generates more than 60% of its profits, a situation which according to him makes it problematic to hand over to its electric version, the Lightning.

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