J.P. Morgan Maintains Neutral on Ford

J.P. Morgan is out with its report today on Ford F, maintaining Neutral. In a note to clients, J.P. Morgan writes, "We maintain our Neutral rating on Ford shares primarily because incremental product cycle improvement potential now seems more modest than in recent years. Near term, however, we are positively predisposed toward the name as we believe that Ford should be a prime beneficiary of a broader improvement in industry pricing in the balance of the year post Japan quake. Further, a stronger recovery in the SAAR (to 15MM pre-crisis levels vs. the 14MM level we currently factor into our FY12 automotive EBITDA estimate) could provide further upside to earnings estimates, in our view." J.P. Morgan maintains a $20 PT on F. At the time of posting, shares of F were trading pre-market at $13.90, down 0.36% from Tuesday's close.