That entity’s analysts raised their recommendation for Ferrari shares from “Neutral” to “Overweight.” In addition, they increased the target price.
That entity’s analysts raised their recommendation for Ferrari shares from ‘Neutral’ to ‘Overweight’.
Reuters
A projection of JP Morgan about the actions of Ferrari caused its price to shoot up to almost 7%. It is that the analysts of that entity They raised their recommendation for these roles from ‘Neutral’ to ‘Overweight’. In addition, they increased the target price.
The analysts assured that Ferrari shares will not be affected by the economic slowdown in Chinaa problem that impacted other luxury car manufacturers. The firm also highlights the expectation around Ferrari’s next electric vehicle.
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Reuters
Ferrari shares accelerated the rise
In the first half of 2024, Ferrari reported a net profit of 765 million euroswhich represented an increase of 21% compared to the same period of the previous year.
“This growth was driven by strong demand for its most exclusive models, a relevant fact for those who follow the behavior of Ferrari shares as an indicator of profitability,” experts explained.
Despite this, on October 8, the company decided to close its plant in Maranello, an unexpected measure that could have implications for production and, potentially, on the company’s future earnings.
This situation, however, does not seem to overshadow the expectations of new launches, such as the long-awaited supercar and the brand’s first electric car.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
