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Bear Stearns Ups Ford Motor Estimates

Bear Stearns raised its estimates on Ford Motor (F).

Analyst Domenic Martilotti says his upwardly revised guidance reflects strong performance at Ford Motor Credit Corp. on lower-than-expected credit losses and higher off-lease vehicle residual values. He says additional upside potential exists in the fourth quarter from both revenue and the cost side of the earnings equation.

Martilotti believes the new Five-Hundred and the Mustang could be hits, and he thinks there's room for another $300 million of cost reductions. He raised the second-quarter and 2004 EPS estimates by 15 cents -- the amount by which Ford raised guidance -- to 50 cents and $1.95, respectively. He maintains the peer perform rating.

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