Ford’s Market value breached $100 billion for the first time on Thursday, as many investors bet on the Detroit automaker’s electrification strategy.
Shares of the company, which more than doubled in value last year, rose 3.7% in afternoon trading after hitting a high in more than two decades prior.
Shares of Tesla fell 4.7% on Thursday after a report said the company updated its Cybertruck model website to remove references to 2022.
Ford’s profits come as it plans to double production capacity for its hugely popular electric version. F-150 pickup trucks to 150,000 vehicles as part of CEO Jim Farley’s aggressive electrification strategy.
Ford’s Farley, who takes over as CEO in 2020, has committed to investing more than $30 billion in electric vehicles, including the battery development by 2030.
The EV strategy has spurred Wall Street brokerages, with Deutsche Bank being the latest to raise its price target on Ford.
“We see Ford’s fourth-quarter performance above consensus expectations, based on continued strong valuation offsetting for growing raw material difficulties,” Deutsche Bank analyst Emmanuel Rosner said in a research note, raising his price target to $24 from $18.
Wall Street’s average price target is $21.85.