Ferrari: Invest Securities cuts target price
(CercleFinance.com) - Invest Securities has reduced its target price for Ferrari shares from 215 euros to 189 euros, maintaining its "neutral" rating at present, although warns that it could be upgraded after the CMD which will reassess the group's prospects beyond 2022.
The broker says that Q1 2022 came in at the top end of consensus expectations and was also arguably the best quarter of 2022 in terms of EBITA and FCF margins due to the end of Monza model deliveries.
However, the guidance for 2022 remains unchanged, with an EBITDA margin of around 35%, which analysts believe is conservative as it is below the historical medium-term target of 38%, the add, leaving their 2021/23 EPS estimates unchanged.
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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.
The broker says that Q1 2022 came in at the top end of consensus expectations and was also arguably the best quarter of 2022 in terms of EBITA and FCF margins due to the end of Monza model deliveries.
However, the guidance for 2022 remains unchanged, with an EBITDA margin of around 35%, which analysts believe is conservative as it is below the historical medium-term target of 38%, the add, leaving their 2021/23 EPS estimates unchanged.
Copyright (c) 2022 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.