Ferrari shares have had a smooth ride this year, but Deutsche Bank thinks there is more in the tank.
The broker has upgraded the stock to “buy” and lifted its price target from €430 to €520, citing the looming impact of a new flagship supercar and a punchy investor day in October.
That event, the capital markets day or CMD in City jargon, is expected to bring upgraded financial targets and a €3 billion share buyback, equal to around 4% of the group’s market value. But it is what is coming further down the track that is revving investor interest.
The F80, Ferrari’s next halo model, is expected to launch in 2026.
Deutsche believes the car’s higher price point could generate more than €450 million in incremental earnings, well ahead of the Icona Daytona SP3 it replaces, and, crucially, that “this substantial earnings upside is not yet factored into consensus estimates”.
Analyst Nicolai Kempf sees around 5% earnings upgrades coming off the back of the CMD and believes the F80 will “increasingly shift” investor focus to the company’s 2026 performance.
For a company already running above 30% EBIT margins, that is no small feat.
The shares were up 1.7% €418.40.