Ford Motor faces a list of challenges in upcoming quarters, Jefferies argued in a research note.Analysts led by Philippe Houchois downgraded shares of the car maker to Underperform from Hold, and cut their price target to $9 from $12.

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.

Key Takeaways Ford Motor stock was downgraded by Jefferies on Monday, with the firm's analysts citing the carmaker's inventory backlog as a concern.Jefferies lowered its rating to "underperform" from "hold" and slashed its Ford price target by $3 to $9,