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Total vehicle sales at Ford Motor Co’s (F) ventures in China rose in October compared to a year ago, supported by strong demand for Sport-utility Vehicles (SUVs) and vans.

Ford shares closed lower for the seventh time in the past ten trading sessions in New York on Friday. The stock went down 2.50% ($0.20) to $7.79, after touching an intraday high at $8.02, or a price level not seen since October 29th ($8.24).

Shares of Ford Motor Company have retreated 16.24% so far in 2020 compared with an 8.63% gain for the benchmark index, S&P 500 (SPX).

In 2019, Ford Motor Co’s stock went up 21.57%, thus, it again underperformed the S&P 500, which registered a 28.88% gain.

Ford’s venture with Changan, based in Chongqing, reported a 43% year-on-year growth in vehicle sales for October to 26,305 units, while Jiangling Motors Corp, in which the US auto maker holds a stake, reported a 26% year-on-year increase in sales to 34,008 vehicles.

Ford’s China head Anning Chen said that the company now expected continuing sales growth during the remainder of 2020 following two quarters of increases. However, the executive did not provide a detailed sales forecast regarding the fourth quarter or the entire 2020.

Chen also said that Ford was considering to introduce more SUV models in China, which would feature intelligent functions to connect with surrounding infrastructure as part of a 3-year product plan.

Analyst stock price forecast and recommendation

According to CNN Money, the 16 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $9.00, with a high estimate of $11.00 and a low estimate of $4.90. The median estimate represents a 15.53% upside compared to the closing price of $7.79 on November 6th.

The same media also reported that at least 12 out of 18 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

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