Ferrari (NYSE:RACE) NV has retained a 'buy' rating from Jefferies after strong results at the Monterey classic car auctions reinforced the broker’s bullish view on the luxury carmaker.
Jefferies maintained a €400 price target on the Milan-listed shares, implying around 12% upside from €356.80, while its US-listed target remained $435 against a share price of $414.85.
The broker said Ferrari (NYSE:RACE)’s recent classics achieved a median 58% premium to auction estimates, supporting its view that demand from new collectors is strengthening and providing validation for the company’s ability to push price and mix.
At Monterey, recent Ferrari (NYSE:RACE) classics including the Enzo, LaFerrari, F40 and F50 sold at a 58% premium to the midpoint of estimates and were worth 88% more than comparable prices achieved at the event in 2025.
Jefferies highlighted several standout sales. A Daytona SP3 achieved $17.25 million, while the first auction of the one-off Luce chassis number 0 reached $40 million, far above its $1.1 million pre-sale estimate.
The broker said the auction results support Ferrari’s ability to increase the contribution from non-range models, while strengthening second-hand values could also underpin pricing for its core range.
Jefferies noted that used Ferrari inventory continues to tighten, while prices for older pre-SF90 models remain on an upward trajectory, trends shown in the charts on page 3 of the note.
With two additional model launches expected before year-end, Jefferies believes Ferrari can further reinforce its pricing power and sustain what it described as a differentiated growth profile within the luxury sector.
