Shares of Ford Motor Co have surged nearly 40 percent over the past year, but the company isn't yet firing on all cylinders, said Barron's in its May 27 edition.

Last quarter, Ford's pretax profit in North America reached the highest level in a decade, but losses in Europe widened.

The good news is that demand in Europe appears close to bottoming out, and may have done so already, Barron's said.

As the continent becomes less of a drag, the stock could climb another 50 percent over the next two years, Barron's said.

Ford shares finished at $14.79 on Friday on the New York Stock Exchange.