Ford Motor Co. F, +6.35% shares rose nearly 9% on Thursday, poised to end at their highest in three years and on pace for their largest one-day percentage increase since June 5. The stock is up for three straight sessions, gaining 23% over the period. Ford stock got boosts earlier this week from a price-target increase by Deutsche Bank and a $2.65 billion investment round for electric-truck maker Rivian, which is backed by Ford and others. The Deutsche Bank analysts on Wednesday increased their target on Ford stock to $11, from $9, and kept their rating on the stock at hold. The analysts said they expect “strong volume growth in 2021” for the auto industry, due to “easy” comparisons to 2020, low inventories, and “COVID-19-induced demand for comfort, privacy and protection” as well as a Democrat U.S. Congress, which “could also result in demand upside from large federal spending on infrastructure and toward vehicle electrification,” they said. Ford shares have gained 27% in the past two years, compared with gains around 16% for the S&P 500 index. SPX, +0.21%
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