UBS analyst Zuzanna Pusz lowered the price target on Ferrari (NYSE: RACE) to $483.00 (from $555.00) while maintaining a Buy rating.

The analyst commented, "The start of 2026 is widely expected to be the weakest quarter of the year (UBSe OSG +4% vs. cons. +2%), with deliveries anticipated to accelerate from Q2 onwards. While concerns around Ferrari’s reliance on Middle Eastern demand (the contribution to shipments increased by ~200bps in FY25 vs. FY23) have recently overshadowed the benefits of its distinctive business model, we think the company’s ability to adapt quickly to the current environment could encourage investors to refocus on the significantly stronger visibility provided by its order book. This is skewed toward higher income customers, whose financial position is less sensitive amid oil price shocks, thereby reducing risk to its guidance, in our view (UBSe EBITDA ~2% ahead of cons.). This advantage is not shared by many other luxury peers (see our preview). With Q1 likely to confirm that Ferrari remains one of the most defensive names in the sector, and valuation at its lows, we see scope for a rerating as uncertainty around consumer health persists. Reiterate Buy."