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.

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