Goldman Sachs Adjusts Estimates on Ford (F)

Goldman Sachs published its automobile update in which they adjust estimates on Ford F. In a note to clients, GS writes, "Ford reported Nov sales up 19% yoy above our expectation of up 17% yoy but slightly below the Street estimate of up 21% yoy. Fleet continued to be strong tracking at 32% YTD, above the company's original target of 30% although daily rental has been comparatively restrained at 12.6% of sales YTD, identical to last year. Ford also released its 1Q11 production forecast of 635k which was a bit below our 665k est. We are adjusting our 1Q11/2Q11/3Q11/4Q11 ests to $0.48/$0.56/$0.48/$0.51 from $0.51/$0.56/$0.52/$0.44 reflecting a recadencing of Ford's production schedule as we remain comfortable with our FY 2011 2,668k estimate." F closed yesterday at $16.46.