Morgan Stanley downgraded Ford on Friday, saying its earnings and cash flow are under pressure and its dividend is at risk.
The number two U.S. automaker is suffering from a perception among investors that it lacks transparency and is failing to take quick, decisive action in executing its turnaround plan, Morgan Stanley analyst Adam Jonas said in a note.
"While we do believe investors will eventually pay for details and execution, we think the market needs more evidence of success before embracing the Ford restructuring story," Jonas said.
Jonas downgraded Ford from overweight, the equivalent of a buy rating, to equal weight, which is essentially a hold. He lowered his 12- to 18-month price target from $14 to $10 a share.