Shares of automaker Ford (NYSE:F) gained in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $0.49, which beat analysts’ consensus estimate of $0.43 per share.
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Sales increased by 3.2% year-over-year, with revenue hitting $42.78 billion. This beat analysts’ expectations by $1.31 billion. This was mostly driven by Ford’s Pro Commercial Segment, which increased by 36% due to high demand for Super Duty work trucks, Transit vans, and services.
Looking forward, management now expects adjusted EBIT and adjusted free cash flow for FY 2024 to be in the ranges of $10 billion to $12 billion and $6.5 billion to $7.5 billion, respectively.
What Is Ford’s Target Price?
Turning to Wall Street, analysts have a Hold consensus rating on Ford stock based on five Buys, six Holds, and three Sells assigned in the past three months, as indicated by the graphic below. After a 16% rally in its share price over the past year, the average Ford price target of $13.31 per share implies 2.78% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
Is It Wise to Allocate $1,000 Toward Ford Stock Right Now?
Before you hurry to invest in Ford, think about the following:
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