Jefferies Starts Ferrari (RACE) at Hold

Jefferies analyst James Grzinic initiates coverage on Ferrari (NYSE: RACE) with a Hold rating and a price target of $403.00.

The analyst said: "RACE's defensiveness in a mid-term paradigm shift is an interesting conundrum as we ponder the stock's strengths (the highest ASPs, the smallest exposure to an uncertain Chinese cluster at 10% of total, the visibility from a two-year order book). At the same time the stock prices in FC growth well above the 2026 peaks. And, unlike luxury peers, RACE needs to navigate a shift in technology away from the one upon which the brand's legend has been built. The early electrification of the product line-up does not appear to have dented the virtuous cycle of strong resale values. But the longer-term future is less easy to fathom than elsewhere. Our Hold is a cautious one with a PT pricing-in a 2025 PE of 43.5x, and 34.9x EV/EBIT (consistent with our NPV)."

For an analyst ratings summary and ratings history on Ferrari click here. For more ratings news on Ferrari click here.

Shares of Ferrari closed at $407.43 yesterday.

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