“North American strength continues to offset a soft auto environment in most of the rest of the world, a theme we think will hold true for awhile. As a result, we think the stock is likely range-bound until one of those two things breaks materially for the better or worse, neither of which seems overly likely to us in the near term given the dynamics in each market. In the two geographies that can move the needle for Ford, North America seems to be comfortably in a mid-14s (SAAR) selling environment, with pent up demand fueling sales. It’s not clear to us how we go materially better or worse in the near future. In Europe, sales remain soft amid overcapacity and coming off of prolonged scrappage programs. It’s hard to see how thing improve materially there as well although there are scenarios where current estimates look too rosy.”