Ford Motor Downgraded Amid Strong Middle East Sales Growth
- Ford Motor stock was downgraded by Bernstein analyst Daniel Roeska from Outperform to Market Perform.
- The company announced record sales growth in the Middle East, driven by strong performance in key markets and new vehicle launches.
- Ford's new initiatives and successful sales strategies indicate a commitment to future growth despite the recent analyst downgrade.
On Thursday, November 7, 2024, Ford Motor Company announced a significant downgrade from Bernstein analyst Daniel Roeska, reducing its rating from Outperform to Market Perform, with a price target set at $11 per share. This comes despite Ford's latest announcement of record sales growth in the Middle East for 2024, primarily fueled by new market initiatives and performance in the United Arab Emirates, Kuwait, Qatar, Bahrain, and Saudi Arabia. The launch of vehicles like the Mustang Mach-E, Ford's first fully electric model for the region, marks an important milestone in their electrification strategy. Furthermore, Ford is expanding its connected services, with plans to roll out the FordPass app starting in the UAE by 2025, enhancing the connected driving experience for customers. A new parts distribution center in the UAE is also slated to open in January 2025, aimed at ensuring quicker service for Ford owners by improving parts availability. Despite the downgrade, Ford's stock has performed well over the past year, gaining over 8%.