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Ford Upgraded by Benchmark to Buy on New Management

Ford’s  (F) – Get Report new management and better than expected third-quarter earnings will provide a near-term catalyst for the auto-making giant, according to a Benchmark analyst, who upgraded the company to buy from hold.

Analyst Michael Ward also introduced a price target of $10 a share, which is 38% above Friday’s closing price of $7.25.

Shares of the Dearborn, Mich., company were up nearly 1% to $7.32 in premarket trading.

“Better-than-expected North American production, a positive shift in mix, and improving metrics in the auto-credit markets … are the primary drivers for better- than-expected earnings performance in the third quarter,” Ward said in a note to investors.

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