Citi Reiterates Buy After Visiting Ford Motors

Citi is reiterating its Buy rating and its $18 price target on Ford Motor Co. F following recent meetings with the company's management. Says Citi, in its report, “Management appeared constructive regarding industry pricing discipline, and noted that its own recent price increases were received well. Although management reminded us that 2011 price momentum could slow after a stellar Q1, an affirmation of the overall price-discipline strategy, May pricing checks and Ford's product cadence point to a continued favorable environment. On costs, management indicated that internal structural cost forecasting has proven itself reliable (limited cost creeps) and that the recent commodity pullback has been a welcome development.” F closed yesterday at $14.66.