Ford falls after Bernstein turns bearish

Ford's F.N shares down 3.3% premarket to $8.40 after Bernstein downgrades to 'underperform' from 'market-perform'

Brokerage chops PT from $9.40 to $7

Given commencement of vehicle tariffs, and parts tariffs likely to follow in a month, Bernstein says "significant downside" not priced in yet on Ford's stock

Shares expected to remain under pressure as tariffs intensify and consumer sentiment weakens, the analysts say

Compared to General Motors GM.N, Ford faces lower headwinds, but starts from less favorable base in H1 2025, Bernstein says, leading to broadly flat EPS between Q2 2025 through Q1 2026

In brokerage's "more lenient" scenario, Ford's high share of U.S. production helps avoid tariffs, but a stricter "U.S. content' interpretation would more than double its tariff impact, Bernstein says

Automaker stocks saw increasing pressure last week after China announced retaliatory tariffs

On Mon, an auto advisory firm in Detroit, Michigan forecasted U.S. and Canada auto sales could decline by nearly 2 mln vehicles this year if global trade war escalates

GM shares down 1.7% before the bell at $41.77

Through Tues close, F shares down ~11% YTD, while GM shares down 20%