Just days after Ford said that it could survive on the cash it has instead of relying on federal loans, an analyst at Barclays Capital said that the automaker may need access to U.S. government aid in late 2009.

Barclays Capital analyst Brian Johnson downgraded Ford’s stock to “underweight” from “equal-weight” and cut his price target on the stock to $1 from $4. He cited cash concerns and an increase in the company’s net debt for his decision.

Ford reported a $14.6 billion for the full year of 2008 last Thursday. The Detroit automaker lost $5.9 billion in the fourth-quarter alone. Ford asked the government for access to a $9 billion credit line in December.

Johnson also forecasts a fourth-quarter loss for General Motors and cut his price target on the stock to 50 cents from $1.

Source: Reuters