Ford F-150 trucks go through the customer acceptance line at the Ford Dearborn Truck Plant on September 27, 2018 in Dearborn, Michigan.

Investors could see a 40 percent return on Ford stock as the automaker restructures its business and boosts its bottom line, according to Goldman Sachs analysts.

Goldman upgraded the company to buy from neutral and raised its 12-month price target to $12 from $9, sending shares up 3.3 percent in premarket trading Monday. The move implies a 33.6 percent upgrade from Friday's close. Combined with a 6.7 percent dividend yield, which Goldman called "sustainable," that puts the expected gain just over 40 percent.

"While we still expect a downward earnings trajectory into 2019 (North America profit under-pressure), we believe next year will represent trough earnings and the combination of a refreshed product cadence globally as well as cost improvements from strategic initiatives will begin to take hold," analyst David Tamberrino said in a note.