Ford stock's price target upped to $29 at Argus

Argus Research analyst Bill Selesky on Thursday raised his price target on Ford Motor Co. F, +3.38% shares to $29, from $20, citing the auto maker’s “strengthening balance sheet” and “clearly defined” financial targets. “We believe that supply-chain problems and semiconductor chip shortages will soon dissipate and provide greater opportunities for higher revenues and earnings performance” for Ford, Selesky said. The analyst kept his buy rating on the stock. Ford shares have gained more than 174% in the past 12 months, compared with gains of around 25% for the S&P 500 index SPX, -0.10% in the same period. Ford shares surged earlier this week as the company said it plans to double production of its electric F-150 Lightning pickup truck to meet “soaring customer demand.”