UPDATE: Stifel Upgrades Ford

In a note released Wednesday morning, Stifel analyst James Albertine upgraded shares of Ford Motor (NYSE: F) from Hold to Buy and set a $22 price target.

Looking at the auto industry, Albertine believes this remains a period of innovation driven by both consumer and regulatory demand for better, more efficient technology. However, he remains concerned that in the near-to-medium term, demographic shifts could wane on actual demand for new vehicles as baby boomers move closer to city centers and millennials may have the desire or pocket book to own a vehicle.

In light of his view on the industry, Albertine said Ford may be a "potential winner" in the "jump ball" for market share.

The catalysts for Albertine's upgrade are better-than-expected year-to-date sales, management suggesting the F-150 launch is on track, and better-than-expected operating margin in North America despite increased investments.