Jefferies is stepping back on Ford just two months after turning bullish on the legacy automaker. The firm downgraded Ford to hold from buy on Monday, lowering its price target to $15 per share from $17. Jefferies’ new forecast implies roughly 15% upside from Friday’s $13.26 close. Analyst Philippe Houchois says the company’s recent move to lower guidance for its Model E electric vehicle is a concerning development. “However sensible it is to slow down the pace of loss-making Gen 1 sales to preserve returns, the change in Model e guidance is a setback just a few weeks after the May 22 Investor Day for a group that has needed to address volatility in operating performance,” Houchois said. The analyst had upgraded Ford to buy late May. Ford’s losses in its EV segment widened to $4.5 billion in the second quarter from $3 billion just a year earlier, while Chief Executive John Lawler told investors that EV vehicle adoption is taking longer than expected. “We appreciate efforts in disclosure and accountability and note no apparent change to mid-term strategy, with Gen 2 focused on software centric and concentrated line-up making sense to us, but effective in ’26 leaving a less differentiated investment case in the interim years,” Houchois said. Ford stock has climbed more than 14% from the start of the year. F YTD mountain Ford year to date — CNBC’s Michael Bloom contributed to this report.
