Ferrari initiated with a Buy at Berenberg

Berenberg initiated coverage of Ferrari (RACE) with a Buy rating and EUR 484 price target The firm views the company as a “compelling long-term investment.” Ferrari offers “strong brand heritage, robust pricing power and durable returns on capital,” the analyst tells investors in a research note. Berenberg sees upside to margins expectations, with the company’s capital markets day in October and new model announcements being near-term share catalysts.