Ford cut to Neutral on dwindling F-150 EV truck demand outlook: 4 big analyst cuts
Investing.com | Author Davit Kirakosyan
Published Dec 13, 2023 08:38AM ET
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Ford, Johnson & Johnson, Hertz Global, and Ferrari.
InvestingPro.
Reports from earlier this week indicated that Ford plans to halve the production of its F-150 Lightning electric pickup truck in 2024, citing "changing market demand" as the reason. This move reflects a broader industry trend of reducing electric vehicle investments due to slower-than-expected sales growth.
Johnson & Johnson downgraded at Wells Fargo/h2
Wells Fargo downgraded Johnson & Johnson (NYSE:JNJ) to Equal Weight from Overweight with a price target of $163.00 (from $170.00).
The company is set to report its Q4/23 earnings next month. Street estimates stand at $2.37 for EPS and at $21.01 billion for revenues.
Hertz Global cut at Oppenheimer/h2
Hertz Global (NASDAQ:HTZ) shares fell more than 1% pre-market today after Oppenheimer downgraded the company to Perform from Outperform.
The analysts expect 2024 to be a transitional year for Hertz. The company is anticipated to encounter multiple challenges, including significant issues with its EV initiative, higher vehicle interest expenses, and higher DPU. Consequently, the estimated EBITDA for 2024 has been reduced from $1.215B to $823M.
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