Standard & Poor’s lowered its opinion on Ford stock
By Andrew C., 30 Aug, 2010. 0 Comments
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Citing valuation reasons, Standard & Poor's Ratings Services lowered its opinion of Ford Motor Co. stock to sell from hold after Ford's shares rose above S&P's target price of $9. In a statement issued Dec. 23, analyst Efraim Levy said that although expected, Ford's confirmation on an agreement to sell Volvo Car Corp. to China's Zhejiang Geely contrasted with GM's failure to sell various assets including the Saturn brand. The Volvo sales agreement is expected to be more definite in the first quarter while a deal is seen to close in the second quarter. According further to the S&P statement, Ford and Volvo will continue to cooperate but it's expected that Ford will focus more on improving and marketing its core brands. On Dec. 10, Ford stock closed above $9. The 52-week low was $1.50.
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