Ferrari: Stifel on hold, but raises TP
(CercleFinance.com) - Stifel maintains its 'hold' rating on Ferrari shares, raising its target price for them from E335 to E360 (cp: E408).
The analyst reports that Q3 results are in line with forecasts, while forecasts remain unchanged, which comes as a negative surprise.
Lower used car prices for the 296 and SF90 hybrid models could be a negative indicator for future PHEVs and BEVs, the broker says.
However, visibility remains high, with production for 2024, 2025 and much of 2026 already sold, it says.
In addition, Stifel reports that the F80 will be offered at a much higher price than anticipated in its model (i.e. E3.6m instead of E1.6m) and will be sold over a shorter period (3 years instead of 5).
We have factored this into our estimates, and we have raised our 2026 EPS estimate by around 14%, the broker says.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The analyst reports that Q3 results are in line with forecasts, while forecasts remain unchanged, which comes as a negative surprise.
Lower used car prices for the 296 and SF90 hybrid models could be a negative indicator for future PHEVs and BEVs, the broker says.
However, visibility remains high, with production for 2024, 2025 and much of 2026 already sold, it says.
In addition, Stifel reports that the F80 will be offered at a much higher price than anticipated in its model (i.e. E3.6m instead of E1.6m) and will be sold over a shorter period (3 years instead of 5).
We have factored this into our estimates, and we have raised our 2026 EPS estimate by around 14%, the broker says.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.