Ferrari: shares up on UBS comments

(CercleFinance.com) - Shares in Italian sports-car maker Ferrari are up on Wednesday after UBS raised its target price on the stock from 150 dollars to 160 dollars.


The move comes after the Maranello-based company posted better-than-expected first-quarter results on Tuesday.

"Excellent start of the year de-risks full-year 2019 guidance and highlights Ferrari's brand and earnings power," UBS wrote in a note, maintaining its "buy" rating on the stock.

The broker also said it has raised its earnings estimates for the group by 4%.

NYSE-listed Ferrari is currently up 1.1% at 139.2 dollars, outperforming flat US stockmarkets.

Copyright (c) 2019 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.