Ferrari: Invest Securities still a buyer
(CercleFinance.com) - The analyst believes that the Maranello-based group will report solid Q3 results on 3 November after a second quarter when it increased its FCF guidance.
Three factors should be beneficial following the group's second quarter, with: (i) volume and mix growth, albeit at a slower pace, (ii) an acceleration of advance orders, which explains the group's optimism in terms of FCF, and (iii) a confirmed insensitivity to semiconductor shortages, the broker said.
Based on unchanged estimates, the broker has reduced its target price, due to higher discount rates, to 196 euros vs. 218 euros.
Invest Securities confirms its Buy rating on the stock, although has removed Ferrari from its IS Favourite list after an absolute performance of +92% or +45pts in relative terms.
The share is currently up slightly, just underperforming the market in Milan.
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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.
Three factors should be beneficial following the group's second quarter, with: (i) volume and mix growth, albeit at a slower pace, (ii) an acceleration of advance orders, which explains the group's optimism in terms of FCF, and (iii) a confirmed insensitivity to semiconductor shortages, the broker said.
Based on unchanged estimates, the broker has reduced its target price, due to higher discount rates, to 196 euros vs. 218 euros.
Invest Securities confirms its Buy rating on the stock, although has removed Ferrari from its IS Favourite list after an absolute performance of +92% or +45pts in relative terms.
The share is currently up slightly, just underperforming the market in Milan.
Copyright (c) 2021 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.