(CercleFinance.com) – Oddo BHF believes that Ferrari published solid 4th quarter results yesterday during the session, in line with expectations (but with a better price effect than expected).
‘The attention of the publication was however focused on the 2024 guidance. We are placing ourselves 8% above in terms of EBIT, i.e. an increase in our estimates of 2%’ indicates Oddo BHF.
‘Beyond 2024, note that the group is announcing for the first time that it intends to reach the top of its 2026 guidance’.
‘The record order book (~2 years) and the product pipeline (notably the supercar expected by 2026 for which we expect a record price/volume pair, or even the BEV which should, in our opinion, expand the addressable market) provide excellent visibility on the continued growth of turnover and the expansion of Ferrari’s margins until at least 2027, adds the analysis office.
Oddo BHF raises its price target from 360 E to 400 E and reiterates its Outperformance opinion.
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