Ford Motor Stock Could Have 73% Upside Potential

The United Auto Workers (UAW) strikes were just one of several fundamental headwinds facing legacy automakers Ford Motor Company (F) and General Motors (GM) in 2023. Against a backdrop of stubbornly persistent inflation and unusually high interest rates, high-ticket discretionary items like new cars were a tough sell for some consumers, even as COVID-era supply chain disruptions finally unraveled. While auto sales rose in 2023, the increase was fueled in part by dealer promotions, and car prices continued to decline from their December 2022 highs - at the same time that labor costs climbed higher.

However, as the electric vehicle (EV) market undergoes significant growing pains, automakers with hybrid offerings - like Toyota (TM) and Ford - could be poised to outperform. Here's a closer look at the Street-high price target that Bank of America just set for Ford stock, and how it compares to the rest of Wall Street's forecast.