Citigroup upgrades Ford after better-than-expected earnings
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Ford Motor reported better-than-expected earnings after the bell on Tuesday , and Citigroup responded by upgrading the stock on Wednesday. The bank upgraded its rating on the maker of F-150 pickup trucks to buy from neutral, raising its price target to $20, suggesting upside of 33% from Tuesday's close. Analyst Michael Ward wrote in a note that Ford's earnings reflected strong first half results, a profitable mix of products and improved pricing. F 5D mountain Ford Motor 5-day chart. "Ford reported 2Q 2026 EPS of $0.42 versus $0.14 last year," Ward said. "We increased our 2026 estimate to $1.90 per share up from $1.75 to reflect the better-than-expected 2Q results and accelerating F-series production in the second half." Long-term, Ward noted that improvements at Ford will position it to invest in growth opportunities beyond cars. He acknowledged that the ability to monetize Ford's energy business is still a few years away, but that it represents an opportunity to build revenue at higher margins. Ward's buy rating is an outlier on the Street, where the majority of analysts are neutral or negative on Ford, according to LSEG. But he suspects that may change soon. "We believe the momentum is turning," Ward wrote in the note. "Accelerating production of the F-series, lower warranty accruals, an improved aluminum supply and moderating material costs are positive for the second half." Shares of Ford are up more than 7% in early trading Tuesday, building on this year's outperformance relative to the S & P 500.