Ford shares fall 8% after disappointing 2020 profit outlook

) fell nearly 8% on Wednesday, a day after the automaker forecast a lower profit for 2020, surprising analysts who also criticized the company’s management for holding back details on the earnings shortfall.

The disappointing outlook underscores the higher costs that Ford has been spending on developing self-driving and electric cars to keep pace with pioneers like Tesla Inc . “It’s not clear to us exactly what is driving the profit lower...The lack of transparency is not likely to sit well with investors or inspire confidence,” RBC Capital Markets analyst Joseph Spak said, lowering target price on the stock to $9 from $10.

“Management declined to quantify the impact of the higher warranty, making it difficult to gauge at the moment how much or when costs should normalize lower,” said J.P. Morgan analyst Ryan Brinkman, cutting price target by a $1 to $9.

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