This article was originally published on TipRanks.com.
Michigan-based automotive giant Ford Motor Co. (F) has received an order for 184 Mustang Mach-E SUVs from New York City as part of the city’s fleet-electrification push, according to a report published by Bloomberg.
Several of the city’s agencies, including the Department of Parks and Recreation, Sheriff’s Office, and the New York Police Department will use the all-electric SUVs.
Ford is expected to deliver the vehicles by June 30, the Department of Citywide Administrative Services said.
The department’s Acting Commissioner, Dawn M. Pinnock, said, “Smart investments in fleet electrification will help New York City break its dependence on fossil fuels.”
Meanwhile, the city is also considering ordering 250 units of Tesla’s (TSLA) Model 3 sedans for the police department.
Ford stock closed 1% down on Wednesday. It lost another 0.5% in the extended trading session to end the day at $20.46.
Wall Street’s Take
Recently, Wells Fargo (WFC) analyst Colin Langan maintained a Buy rating on the stock and hiked the price target from $19 to $25 (21.6% upside potential).
In a note, the analyst said, “Ford’s global units will likely grow by 9% year-over-year in 2022, with North America outperforming with a 16% growth.”
Additionally, Brian Johnson, an analyst with Barclays (BCS), reiterated a Buy rating on Ford and raised the price target to $23 from $18 (12% upside potential).
Overall, the stock has a Moderate Buy consensus rating based on 9 Buys, 3 Holds and 3 Sells. The average Ford Motor stock price prediction of $19.50 implies 5.2% downside potential. Shares have gained 135.2% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Ford’s performance.
According to the tool, compared to the previous year, Ford’s website traffic registered an 8.6% rise in global visits in November. Moreover, the website traffic has increased 11.6% year-to-date against the same period last year.
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