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Ferrari: shares up on Bernstein upgrade

( - Ferrari shares are up almost 2% on Tuesday after Bernstein said it is upgrading the stock to "market-perform".

While acknowledging that Ferrari is a "very expensive stock" (the Italian car maker has a market cap of 20 billion euros, while it only produces 9,000 cars a year), Bernstein says it sees "no obvious negative catalysts."

"This small but beautiful company is going to continue to grow profits, gradually but consistently," the broker wrote in a note.

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