Credit Suisse said it sees Ford shares as having upside as the company works to reimagine its business.

"The central theme of our launch is "The Two Clocks," reflecting the industry challenge of concurrently balancing cyclical (the "near") and secular challenges (the "far"). Given the concept was originally cited by Ford, it is only fitting that Ford is the textbook case for our "two clocks" framework. Ford faces a number of risks ahead, as it redesigns its business to address profitability, while concurrently pursuing a longer-term reimagining of the business. Yet we see upside for the stock, as there have been early signs of improvement with more to come."