Goldman Raises Price Target On Ford (F)

Goldman Sachs is raising its price target on Ford Motor Company F to $20 with a Buy rating. In a note sent to clients, Goldman writes, "We are raising price targets across our coverage universe by an average of 13% driven primarily by higher multiples on increased confidence in the growth trajectory of auto sales and a greater market appetite for risky assets on better US macro visibility and liquidity. Our favorite ways to play the sector remain Ford ($20 price target with 19% upside) and Dana (DAN; $17; CL-Buy) with a $21 EBITDA based price target with 23% upside). We have made minor adjustments to Ford EPS on refined equity income assumptions, and have taken up Tenneco estimates to reflect the recent debt refinancing." Shares of F gained 22 cents yesterday to close at $16.77, a gain of 1.33%.