NEW YORK (TheStreet) -- Ford (F - Get Report) stock has been reiterated as a "buy," Deutsche Bank said Monday. The firm said Ford's underlying performance in its recently-reported quarter was better than it appeared.
Deutsche Bank had expected earnings of 31 cents a share in the automaker's first quarter. Ford posted adjusted profits of 25 cents a share.
"But excluding ~$500MM of unusual items incurred in North America, North American pretax earnings would have been exactly on target with our $2.0 bn estimate and total company pretax earnings would have been ~$1.9 bn, which compared with our $1.8 bn estimate," analysts wrote in the report.
Deutsche Bank said it continues to believe the company is on track for a "favorable earnings inflection.Must Read: Warren Buffett's 10 Favorite Growth Stocks
- You can view the full analysis from the report here: F Ratings Report