Ford Falls After Morgan Stanley Downgrade on EV Strategy

Shares of Ford  (F) – Get Report were downgraded at Morgan Stanley on concern about the automaker’s electric vehicle strategy.

Morgan Stanley downgraded Ford to equal-weight from overweight while the investment firm affirmed its $9 price target. 

Ford shares at last check were 4.5% lower at $9.03. 

Ford has the right urgency for electric vehicles, Morgan Stanley’s note said, but its strategy is not fully clear to the firm.

“The business remains saddled in Europe (which we value at negative
$9 billion) and is subscale in China vs. other major [original equipment manufacturers],” analyst Adam Jonas said. 

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