RBC upgrades Ford on its new electric vehicle strategy, sees the shares rallying 20% from here

Ford’s updated business strategy should bring investors off the sidelines as the company’s electric vehicle future becomes more clear, according to RBC Capital Markets.

The Detroit automaker unveiled a new turnaround plan at an investor day on Wednesday, which calls for more than $30 billion in investments in electric vehicles through 2025 and targets 40% of its sales as electric by 2030. The company also recently started accepting reservations for the all-electric F-150 Lightning.

RBC analyst Joseph Spak upgraded the stock to outperform from sector perform, saying in a note to clients on Thursday that the new plan addressed some lingering concerns about the company’s pivot to electric vehicles.

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