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Ferrari: Barclays downgrades stock

( - Barclays downgrades Ferrari shares from 'overweight' to 'equal weight', while raising its target price from E375 to E400, ahead of the Italian luxury and sports car maker's next earnings release on 7 May.

"As often, RACE manages expectations, suggesting internal planning was lower than Q1'24 BBG cons, while our mix model puts us 5% above BBG", the broker says.

Nevertheless, Barclays points out that the stock "is now on 12M-fwd P/E parity with Hermes again and will likely continue to caution the market".

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