Investment bank Jefferies raised its rating on Ford Motor (F) to “Buy” and increased its price target from $14.50 to $17.50. The firm expects Ford’s second quarter to mark a trough in performance, followed by a recovery in production; it also anticipates that healthy demand in the U.S. market will support higher earnings guidance. Jefferies also believes that Ford’s capital allocation will improve and its cash flow will strengthen, and forecasts that its full-year adjusted earnings before interest and taxes (EBIT) will reach $10.3 billion, approaching the upper end of Ford’s own guidance range.