Ford Motor Company (NYSE: F) stock has maintained momentum since rebounding in December, and several analysts now believe it could surge given the latest developments, including strong quarterly numbers and guidance for 2024, a supplemental dividend, and a strategic shift in spending away from cash-burning electric vehicles (EV).

Morgan Stanley analyst Adam Jonas just raised Ford stock's price target to $16 per share from $15, representing nearly 29% upside from the stock's price around $12.40. Earlier this month, analyst Itay Michaeli also raised Ford stock's price target to $16 per share while Bank of America analysts see the stock hitting $19 per share.

The earnings release on Feb. 6 gave analysts ample reasons to turn bullish.

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Source Fool.com