Ford Motor’s shares rose over 3% on Friday pre-market after Adam Jonas from Morgan Stanley upgraded it to Equal Weight (from Underweight) with a $13.00 share price target.

An analyst notes that F shares fell below $13 on Friday, the lowest level in 18 months.

“We believe the ‘run-off‘ value of Ford’s authentic/emotional ICE) vehicles and fleet-oriented commercial end markets may be under-estimated by the market,” Jonas said in a client note.

He also has confidence in Jim Farley’s “vision of addressing up-stream challenges (battery materials sourcing), downstream model (re-casting ‘op-in’ EV dealer franchises), and structural measures (EV/ICE re-org).”

An EW rating was maintained for General Motors (NYSE :). The price target was also reduced to $44.00 per Share, from $50.00.

“We are Equal-weight both Ford and GM during highly uncertain economic environment and extraordinarily high dispersion of outcomes,” Jonas said in a client note.

By Senad Karaahmetovic