Ford cut to sell at Deutsche Bank after earnings miss

Ford Motor Co.
F,
-7.61%
was downgraded to sell from hold at Deutsche Bank, which also cut its price target to $11 from $13. Analyst Emmanuel Rosner said the fourth-quarter results and 2023 outlook “showcase considerable operational shortfalls and suggest meaningful downside risk to earnings trajectory.” While management blamed supply chain conditions as well as suboptimal material economics and poor operational execution, Rosner said he also worries about Ford’s limited visibility into its supply base. Ford shares slumped 8% to $13.23 on Friday but have gained 14% this year, outperforming the 8% rise for the S&P 500
SPX,
-1.04%.