Ferrari initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Ferrari (RACE) with a Buy rating and $454 price target The firm sees “tumultuous times” for European car makers with Chinese players pushing to expand globally and battery electric vehicle momentum continuing. Meanwhile, tariffs, currency moves and emission regulation in the European Union “add to the burden,” the analyst tells investors in a research note. However, Goldman points out that BMW, Mercedes, Volkswagen and Renault now have negative industrial stub valuations. The firm finds this “premature” and thinks the premium space is the most undervalued. Goldman sees Ferrari’s large volume of higher-priced Special Series volumes driving higher selling prices and growth.