Movement Alert｜Ferrari Rises 3.02% in Regular Trading, Jefferies Raises Target Price as EV Model Luce Debuts in China

Market Focus06-26 22:33

On June 26, Ferrari rose 3.02% in regular trading, trading at $363.65/share, with turnover of $31.16 million. The stock was buoyed by a combination of a fresh analyst upgrade and the commercial debut of its first all-electric vehicle in China.

On the news front, Jefferies raised its target price on Ferrari from €350 to €380, marking the second major investment bank to turn more bullish after Morgan Stanley upgraded the stock to Overweight on June 15. Concurrently, Ferrari officially launched its inaugural EV model Luce in the Chinese market with a starting price of RMB 3.988 million, signaling an acceleration of the vehicle's global commercialization rollout.

Additionally, Ferrari's Chief Product Development Officer Gianmaria Fulgenzi stated that customer interest in the Luce remains strong and denied reports that the company is pressuring clients to purchase the EV to qualify for limited-edition models. These comments helped alleviate prior market concerns over tepid demand following the model's controversial debut in late May, when design criticism and mixed sentiment triggered an approximately 8% single-day decline in share price.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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