Ford (F) is asking key workers to return to work this week, according to a report from the Detroit Free Press.
“We are asking a small number of hourly and salaried workers to return to work this week in preparation for a restart at a future date, which has not yet been determined” said Kelli Felker, Ford global manufacturing and communications manager.
“These workers will begin putting safety protocols in place that we will use when we do reopen our facilities,” she added.
Since late May, Ford has closed its factories including all Detroit Three assembly lines due to the coronavirus pandemic. According to the Detroit Free Press, those employees who do return to work this week will be given special ‘volunteer’ status. This means that workers will be paid for work they do, but workers who decide to stay at home will not be penalized.
Ford stock has plunged 47% year-to-date, and analysts are concerned that further pullbacks lie ahead. The stock has a Hold analyst consensus rating on TipRanks with an average analyst price target of $6.70. (See Ford stock analysis on TipRanks)
Indeed, Goldman Sachs analyst Mark Delaney recently initiated coverage on F Stock with a Hold rating. “We see broad-based downside to Street estimates” he explained, adding that US light vehicle sales could fall by 30% year-over-year to 12 million in 2020. “We expect a partial recovery in US auto sales in 2021 to 15 million,” Delaney said.
Related News:
Elon Musk Confirms Texas Still On The Cards For Cybertruck Factory
Tesla Plotting Restart At California Factory Next Week
3 “Strong Buy” Dividend Stocks Yielding at Least 8%
