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Goldman downgrades Ford on subprime credit concerns

Ford F-150 trucks move along the assembly line as employees work at the company's Kansas City Assembly Plant in Claycomo, Missouri.
Kevin Anderson | Bloomberg | Getty Images

Goldman Sachs on Friday lowered its rating on Ford Motor to neutral from buy and removed the automaker from its "Americas Conviction Buy List," citing downside risk to earnings from weakening pricing trends.

"What makes the pricing outlook troublesome in general is that it seems every lever has been pulled to support sales at these levels," analyst Patrick Archambault wrote in a note to clients.

"The same trend is visible for subprime, while not pulling back, many captives we have spoken with are not looking to go deeper given recent deterioration in credit losses."