Ferrari: Invest Securities raises target price
(CercleFinance.com) - Invest Securities believes that the group's publication came as no surprise - except on EBITDA and EBITA margins.
Analysts say that the catch-up in production has been achieved, with a Q3 EBITDA that is above the broker's expectation of 330 million euros vs. 305 million euros expected, a margin of 37.2% - very close to the 2022 target of 38%!.
They add that the proof of confidence in Q4 is that the 2020 guidelines have been raised to the top of the ranges provided, with the model mix that will still "boost" margins. Over the MT, the historical guidance of a 2022 EBITDA of 1.8 billion euros remains within reach.
The analyst has raised his target price for the share to 216 euros (vs. 205 euros) and has confirmed his buy rating on the stock.
Ferrari remains one of the broker's favourites (in its IS list), with upside potential of +28%.
Copyright (c) 2020 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.
Analysts say that the catch-up in production has been achieved, with a Q3 EBITDA that is above the broker's expectation of 330 million euros vs. 305 million euros expected, a margin of 37.2% - very close to the 2022 target of 38%!.
They add that the proof of confidence in Q4 is that the 2020 guidelines have been raised to the top of the ranges provided, with the model mix that will still "boost" margins. Over the MT, the historical guidance of a 2022 EBITDA of 1.8 billion euros remains within reach.
The analyst has raised his target price for the share to 216 euros (vs. 205 euros) and has confirmed his buy rating on the stock.
Ferrari remains one of the broker's favourites (in its IS list), with upside potential of +28%.
Copyright (c) 2020 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.