Jefferies Reiterates Buy on Ford

Jefferies is out with its report today on Ford F, reiterating Buy. In a note to clients, Jefferies writes, "While Ford lacks a clear catalyst, we note that the shares seem to discount a lot of potential bad news despite strong execution (particularly on pricing). The stock's trading at 3.5x forward EBITDA after selling off 23% YTD (vs. most suppliers up mid-single digits). Layer in a strong deleveraging story, as well as potential to reach investment grade by early 2012, and we think the stock's simply too cheap to ignore. Accordingly, we reiterate our Buy rating, although point taken that macro datapoints are likely to dominate the shares in the very near term." Jefferies maintains a $19 PT on F. At the time of posting, shares of F were trading pre-market at $12.83, down 0.85% from Tuesday's close.