Ferrari: Invest Securities still a buyer, raises TP

(CercleFinance.com) - Invest Securities reiterates its "buy" rating on the Ferrari share, which remains in its best-pick IS list, with upside potential of 33% relative to its increased target price of 222 euros (increased from 216 euros), after the Italian car maker's results.


This solid 2020 publication, at the top end of the guidance range, is slightly below the broker's expectations. 2021 guidances that it unveiled confirm a strong rebound, while remaining cautious, which is in line with the broker's expectation of a 25% increase in revenues, the analyst says.

Considering that the 2022 scenario remains attainable and which could even be exceeded, the broker has slightly adjusted its 2020-22 EPS estimates. The share's fall after the results publication is due to the lack of guidance beyond 2021, ahead of a CMD scheduled for the first half of 2022, he adds.


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