Bank of America analysts have reiterated backing for Ford Motor Company (NYSE:F), despite an earnings miss in the third quarter.
Ford had reported adjusted per-share earnings of $0.49 for the quarter on Monday, which Bank of America noted was below its forecast for $0.50.
Guidance was also trimmed in the results, with analysts highlighting a $400 million foreign exchange headwind.
This prompted the bank to lower its share price target for Ford from $20 to $19, though a ‘buy’ rating was reiterated.
“There is some time to go before all the new investments Ford is making materialize,” the bank said.
“However, with a strong near-term product cadence combined with management's focus, we expect better profits and progress in 2025.”
Bank of America highlighted positive commentary from Ford management around recent progress, including its core truck portfolio and opportunities in software and services.
Shares fell 9.3% to $10.32 on Tuesday morning.