FORD RISES ON RATING UPGRADES
Ford’s stock is currently trading at 9.44-higher by 2.11% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.84%. The stock has continued gaining after the opening bell.
Investment bank Morgan Stanley today upgraded Ford’s stock to overweight from equal weight. The bank raised the stock’s rating, citing a significant increase in estimates for the automaker’s earnings over the next three years. Morgan Stanley also raised its price target on the stock to $12 from $10.
The bank said that its previous worries over the automaker’s ability to maintain its dividend payment have largely diminished. In July, Ford reported its second-quarter earnings that were above the market expectations. The automaker, however, disappointed investors with its full-year earnings outlook.
Stocks of Ford have dropped about 10% in July. Stocks of the company, however, rallied around 21% so far in 2019.
On the technical front, the RSI is currently at 38.18% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 9.40 TAKE PROFIT AT 9.60 STOP LOSS AT 9.30