Ferrari: Invest Securities still a buyer, ups target price

(CercleFinance.com) - Invest Securities reiterates its "buy" rating on the Ferrari share, which remains in its best pick "IS list," while raising its target price for the share from 168 euros to 177 euros, after a second quarter that it says was the most difficult of the year - in line with expectations.


The broker notes that the Italian carmaker has cut its 2020 guidelines (see Monday's comments), prompting Invest Securities to adjust its estimates, which remain at the upper end of the range.

Its 2020/22 EPS estimates have therefore been adjusted by -5.3%/-1.7%/-1.7%, remaining above the consensus - by around 8%/17%/13% respectively. The 2022 EBITDA forecast of 1.8 billion euros remains credible, the analyst continues.


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