Ford Stock Was Just Upgraded to a Buy at Argus Research

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On Tuesday, Argus Research analyst Bill Selesky upgraded Ford Motor Co. stock from hold to buy.

Selesky is the newest Wall Street bull to upgrade Ford. His upgrade mainly reflected the forecasted uptick in consumer spending. His price target is set at $14, the highest of the 18 analysts surveyed by FactSet.

"Our upgrade reflects our expectations for stronger consumer spending, helped by a new round of stimulus payments, low borrowing costs and saving rates that have reached all-time highs," Selesky wrote in a note to clients. "We also expect consumer spending to benefit as more coronavirus vaccines are approved and distributed."

The following is how the analyst surveyed by FactSet see Ford stock's future.

  • 5 have a buy rating
  • 11 have a hold rating
  • 2 have a sell rating

Selesky's price target is 23.5 percent greater than the average of $11.34.

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