Ferrari: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF believes that Ferrari published solid Q4 results yesterday, in line with expectations (albeit with a better-than-expected price effect).


However, the broker believes that the publication's focus was on the 2024 guidance. It is 8% above this at the EBIT level, increasing its estimates by 2%.

Looking beyond 2024, analysts note that, for the first time the group has announced that it expects to reach the top end of its 2026 guidance.

The record order book (~2 years) and the product pipeline (notably the supercar expected by 2026, for which analysts expect a record price/volume ratio, and the BEV, which they believe will broaden the addressable market) provide excellent visibility for Ferrari's continued sales growth and margin expansion until at least 2027, the broker adds.

Oddo BHF therefore raises its target price from E360 to E400 and reiterates its Outperform rating on the stock.


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