Ford Nears Eight-Month High on Praise for New Bosses, Models
- Stock surges after analyst issues buy rating, raises estimate
- Carmaker’s new CEO replaced CFO earlier this month in overhaul
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Shares of Ford Motor Co. surged to an almost eight-month high on optimism about its new leadership and earnings potential from new models such as the Bronco sport-utility vehicle and a redesign of its top selling F-150 pickup truck.
The automaker’s stock ended regular trading Monday at $7.67, the highest closing price since Feb. 21. The shares rose as much as 8.5% to $7.87 in New York after Benchmark analyst Michael P. Ward raised his earnings estimate for the company and upgraded his rating to buy from hold. His recommendation became just the fourth buy on Ford, compared with 13 holds and two sells.