On July 8, Ferrari fell 3.22% in pre-market trading to $375.19/share, with turnover of $172,100. The decline was driven by broad weakness across the automobile manufacturing sector and renewed concerns over Ferrari's sharply deteriorating China market performance.
On the sector front, auto stocks faced widespread selling pressure, with Rivian down 3.82%, Ford down 1.59%, General Motors down 1.35%, and Tesla down 1.26%. Meanwhile, Ferrari's global marketing director publicly addressed competition from Chinese automakers, during which data revealed that Ferrari's China deliveries collapsed from 1,221 units to just 584 units — a decline exceeding 50% — raising significant concerns about its growth trajectory in the world's largest auto market.
Despite multiple investment banks recently upgrading Ferrari — including Morgan Stanley upgrading to Overweight with a $438 target, UBS raising its target to $497, Bank of America lifting to 400 euros, and Wolfe initiating at Outperform with a 382-euro target — short-term sector sentiment and China headwinds are overriding the bullish analyst consensus. Ferrari's next earnings report is scheduled for July 30.
(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.)
Comments