Ferrari: Jefferies downgrades buy rating; cuts target price
(CercleFinance.com) - This afternoon an analyst at Jefferies announced that he is downgrading his rating on the Ferrari stock from “buy” to “hold”.
“Management presented a convincing strategy of less volume and more exclusivity. However, vs prior expectations, higher upfront investment and lower quality of earnings lead us to re-base our expectations of returns,” the broker said.
The analyst has also cut his target price for the share of the Italian car maker from 125 euros to 115 euros.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
“Management presented a convincing strategy of less volume and more exclusivity. However, vs prior expectations, higher upfront investment and lower quality of earnings lead us to re-base our expectations of returns,” the broker said.
The analyst has also cut his target price for the share of the Italian car maker from 125 euros to 115 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.