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Ferrari: Invest Securities still a buyer

( - Invest Securities reaffirms its "buy" rating on the Ferrari share, along with its target price of 168 euros, which it maintains in its best pick list, the day after the Italian manufacturer of sports and luxury cars published its results.

The analyst notes that 2020 will be a year of catching up in the second half. The guidance issued clearly indicates this with the publication of Q1 results that exceed the broker's expectations, even though the situation will be more difficult in Q2, the low point of this year.

Invest Securities has cut its 2020 EPS by 10.5%, although has not changed its 2021/22 EPS, convinced that the guidance of a 2022 EBITDA of close to 1.8 billion euros remains credible. The group's growth model makes it resilient to external shocks, as long as they are temporary, it says.

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