Ferrari Results Reinforce Buy Thesis

Dow Jones08-03

0723 GMT - Ferrari's strong second-quarter beat and full-year upgrade reinforces Berenberg's buy thesis, the German brokerage says. "While some investors will continue to search for holes in the thesis, we believe this was a clear and decisive beat on price/mix and personalization, with call commentary that, we believe, stages the upgraded guidance as a floor," the bank says. Berenberg believes there is a clear setup for double-digit earnings growth in 2027 and upside to current consensus. The bank expects strong results for the remainder of the year, which should precede a 2027 earnings inflection that will be a standout in the automotive and luxury sectors. It maintains its stock buy rating and raises its price target to 384 euros from 381 euros, mainly due to increased EPS estimates. Shares rise 1.7% to 345.95 euros.

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