Citi On Ford Q1 Results

Citi has issued a report regarding the initial Q1 results from Ford Motor Co F. According to Citi, "Q1 EPS of $0.61 compared with CIRA/consensus of $0.52/$0.50. Pre-tax auto profits came in at $2.1 billion, matching our $2.1 billion, and Financial Services came in at $0.7 billion versus our $0.6 billion. The remainder of the EPS beat came from a lower tax rate. Automotive revenue came in at $31.0 billion versus CIRA at $29.8 billion. All-in, Q1 auto profits in-line with our slightly above-consensus view and the remaining EPS upside came from Ford Credit and taxes." Ford is Hold rated and has a $17 Price Target. Ford closed at $15.54 a share yesterday.