Ferrari (NYSE:RACE) NV shares are “priced for perfection already,” according to Barclays, which claimed the luxury car maker was “unique” as an investment.
Selling around 13,500 sports cars a year at roughly €375,000 each means Ferrari (NYSE:RACE) “is a luxury company” with a wealthy customer base which largely decouples it from economic trends, Barclays noted.
Barclays initiated coverage of Ferrari with a share price target of €250, down 0.9% on Tuesday’s opening, adding the stock was ‘equal weight’.
“With shares near all-time highs […] we would prefer to wait for a better entry point,” Barclays added, though analysts predicted Ferrari would marginally lift volumes and prices moving forward with orders spanning into 2024.
Barclays also pointed to the “positive outlook” of the luxury sector on the back of recovering and strong demand in China and Europe respectively, “leaving room for potential earnings upgrades” in the future.