(CercleFinance.com) – Royal Bank of Canada raised its price target on Ferrari shares on Friday, from 335 to 344 euros, following the solid results published the day before by the Italian sports car manufacturer.
If the Maranello group has occasionally raised its annual objectives, RBC believes that it could do even better than the forecasts communicated given the strength of its two current growth engines, the Purosangue and its electric platform.
According to the design office, these two levers are well on their way to ensuring the growth of the horse brand until 2026, or even beyond.
And if he says he is not yet integrating the scenario of price increases on thermal engine models after this deadline, the analyst believes that this could be justified in view of the shrinkage of the supply planned by the end of the decade.
He argues that his new target of 344 euros implies a valuation multiple of 27x 2024 Ebitda, a level comparable to that of Hermès (also 27x) which he considers justified given the exceptional growth recorded by the Italian manufacturer.
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