Deutsche Bank analyst Rod Lache offers insight on Ford Motor Company (NYSE:F) on the heels of the automaker’s Investor Day held on Wednesday in Dearborn, MI, where he left “intrigued” in light of the company’s enticing long-term strategies at play and the opportunities that lie ahead. Yet, the spending on these fresh technologies and opportunities is accelerating more rapidly than anticipated as well.

Lache is more convinced now than ever that “intermediate term profitability headwinds are mounting.” Pointing to the new Super Duty as an example, the analyst sees content on new vehicles as also “rising more rapidly than we anticipated.” Moreover, Lache now identifies more caution in the company’s views on Europe.

“While we acknowledge that Street consensus is already cautious, and we should also acknowledge a number of positives (dividend yield; increased financial scrutiny; new business opportunities), we are not prepared to change our Hold rating given our concerns about Ford’s near/intermediate term earnings outlook. Earnings risks appear to be skewed to the downside, even vs. Ford’s below consensus guidance (e.g. we’re more cautious than Ford on North American demand/pricing, China pricing). Ultimately, upside/downside risks depend on sustainability of industry demand, mix, and pricing levels,” Lache concludes.

Lache forecasts free cash flow of around $3.6 billion for 2017, which is notably under his projection of $5.3 billion in 2016, and $7.3 billion in 2015. As headwinds increase, the analyst reiterates a Hold rating on shares of F with a $13 price target, which represents a 7% increase from where the stock is currently trading.

According to TipRanks, five-star analyst Rod Lache is ranked #196 out of 4,158 analysts. Lache has a 64% success rate and realizes 14.2% in his annual returns. When recommending F, Lache earns 0.3% in average profits on the stock.

TipRanks analytics indicate F as a Hold. Based on 11 analysts polled in the last 3 months, 4 rate a Buy on F, 5 maintain a Hold, while 2 issue a Sell. The 12-month price target stands at $13.38, marking a 10% upside from where the shares last closed.