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.


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