Ford Motor’s market value topped $100 billion for the first time ever as the automaker’s stock hit a new 52-week high Thursday.
The company’s shares jumped by as much as 5.7% to $25.87, hitting another 20-plus-year high. Its market value was about $102 billion as of 1:50 p.m. Thursday.
Ford’s now worth more than crosstown rival General Motors, at about $90 billion, as well as electric vehicle start-up Rivian Automotive, at $75 billion, which has failed to sustain gains following a blockbuster IPO in November. Ford continues to significantly trail Tesla, which has a market cap of more than $1 trillion.
The automaker is rated overweight with a price target of $21.83 a share, according to an average of 22 analysts compiled by FactSet. But not all Wall Street analysts haven’t completely bought into Ford’s turnaround.
“The stock market’s attraction to the Ford EV story continues to take us by surprise,” Morgan Stanley analyst Adam Jonas told investors in a Thursday note called “Ford Market Cap Crosses $100bn: What’s In the Price?”
Morgan Stanley’s price target for Ford is $12 a share. Its bull case for the stock is $25 a share, according to Jonas.
Jonas cited concerns involving the auto industry’s historically cyclical nature returning, challenges in scaling EV production and more competitive and appealing EVs entering the market against Ford.