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Ford Motor ( F ) shares fell Monday after analysts at Jefferies downgraded the stock, pointing to inventory issues.

Jefferies lowered its rating to “underperform” from “hold,” and reduced Ford's price target to $9 from $12. The new target is below the mean of analysts tracked by Visible Alpha, which is currently above $11. Ford's stock was recently down nearly 4%.

The analysts wrote in a note to clients that the move came “on broad concerns ranging from inventory overhang to looming strategic decisions on European presence and a widening gap between warranty provisions and related cash outflows .”

Ford Needs to 'De-Stock' Swollen Inventory, Analysts Say

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.

The analysts called the carmaker’s balance sheet “robust rather than strong,” and warned that “potential claims from restructuring and warranty leave little cash for shareholders if Ford wants to maintain a conservative financial profile.”

Jefferies kept rival General Motors’ (GM) rating of “hold,” with a price target of $52. Its shares fell nearly 2%.

Shares of Ford are down about 18% year-to-date. General Motors has fared far better, rising some 40%.

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