Ford Downgrade wg. Pension liabilities

verfasst von nasdaq, 03.09.2002, 15:51

-->Ford Motor Company (F / NYSE)
Warburg Dillon Read
In conjunction with a report we are publishing on pensions in the auto industry, we downgrade our rating on Ford to Reduce from Hold and take our price target to $9.50 from $12.00. We see a potent mixture of non-competitive operations and weakness in the pension fund as cause for cash outflows for years to come. We estimate Ford will contribute $5-7bn into the pension fund through 2007. While solvency is not an issue, we nonetheless see further, perhaps prolonged, weakness before recovery. With a GM"one-two-punch" product-and-price offensive, on top of ever-present competitive pressure from non-U.S. brands, market share losses are likely to persist in coming years.

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• Ford Downgrade wg. Pension liabilities - nasdaq, 03.09.2002, 15:51