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Fly News Breaks for July 15, 2019
F
Jul 15, 2019 | 09:17 EDT
RBC Capital analyst Joseph Spak nudged his price target on Ford (F) to $11 from $10 after the company disclosed a Volkswagen (VWAGY) investment in its Argo AI and plans to use the latter's MEB platform to build a high volume EV for Europe beginning in 2023. The analyst says the announcement deserves credit for Ford management's strategic thinking, even though he questions the sustainability of that credit and whether it runs the risk of creating internal conflicts at Argo given that the two companies are now equal owners and have independent go-to-market plans. Spak maintains his Sector Perform rating on Ford.