Morgan Stanley retained its Equalweight rating and $14 price target for Ford Motor (NYSE: F) after leadership changes in the company’s energy division, as the stock traded at $14.04 on Thursday.
The firm’s analyst, Andrew Percoco, cited the appointment of Dave Carroll as president of Ford Energy as a positive development. Carroll, who previously served as CEO and renewable energy director at ENGIE North America, will oversee battery cell manufacturing, system assembly, commercial strategy and sales, reporting to Ford Vice President John Lawler. He succeeds Lisa Drake, who is retiring at year-end after a 32-year career at Ford and a three-year tenure leading Ford Energy, which she founded in January 2026.
Carroll’s background includes expanding ENGIE North America’s operational renewable assets by more than twelvefold over six years. Morgan Stanley expects further customer announcements from Ford Energy in the coming months, reflecting continued optimism about the division’s prospects.
The rating and target were maintained despite InvestingPro data showing Ford’s shares appear overvalued at current levels, even as 14 analysts have revised earnings estimates upward for the next period and the company is expected to return to profitability this year.
Ford also recently issued $2.5 billion in new notes through Ford Motor Credit, including $1.5 billion maturing in 2029 and $1 billion maturing in 2033, under a previously filed SEC registration statement.
The company continues to adjust its manufacturing footprint, with plans to transfer production of certain Lincoln models from China to the United States by 2030. Additionally, Ford is preparing to launch a four-door version of the Mustang, resembling the current two-door model, which could debut before the end of the decade.
Shares of U.S. automakers, including Ford, came under pressure following President Donald Trump’s announcement of a 50% tariff increase on Canadian automotive imports, effective January 1, 2027.
