Ferrari: Oddo maintains buy rating

(CercleFinance.com) - Oddo has confirmed its "outperform" rating on Ferrari shares with an unchanged price target of 260 euros.


The broker says that Ferrari published solid Q3 results yesterday, beating expectations (6% above the EBIT target).

Following this publication, the group has raised its guidance for the second time this year (+3% vs mid-range EBIT).

It now expects 1/ revenues of about E5.0bn (vs. about E4.9bn previously and a consensus of E4.9bn), 2/ EBITDA of over E1.73bn (vs. E1.70-1.73bn and consensus of E1.74bn), 3/ EBIT >E1.18bn (vs. E1.15-1.18bn and a consensus of E1.19bn), 4/ EPS of about E5.0 (vs. E4.8-4.9 and a consensus of E5).

Expectations are high, but Ferrari can still surprise positively, Oddo says.


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