Ford Motor Co.’s stock has trailed that of rival General Motors Co. by a wide margin this year, but it’s still too early to buy on the lows because its underperformance is expected to continue, Jefferies analysts said Monday. Ford’s stock price dropped 4.2% to $9.95 a share on Monday.

The Jefferies analysts said that while they see Ford benefiting from a likely loosening of emissions standards under the new Trump White House, “de-stocking has become an overhang with US inventory,” which has risen to 96 days in spite of solid sales.

Today's drop has F trading at its lowest levels since August, and dropping below support at $10.30, which has provided a floor for the past few months. Since the start of the year, the equity is down roughly 16%.

Jefferies downgrades shares of auto maker Ford Motor to Underperform from Hold. It keeps a Hold rating on GM stock.

Ford Motor Company (NYSE:F) shares were down more than 3% before the opening bell on Monday, after Jefferies downgraded the American carmaker to "underperform" from "hold" on concerns over inventory build-up,