Ferrari price target lowered to $457 from $460 at JPMorgan

JPMorgan lowered the firm’s price target on Ferrari (RACE) to $457 from $460 and keeps an Overweight rating on the shares. JPMorgan also initiated coverage of the company’s European shares with an Overweight rating and EUR 394 price target Ferrari’s business model is “robust” and its upcoming product launches provides opportunities to improve pricing and mix as well as potentially achieve its 2030 targets earlier than planned, the analyst tells investors in a research note. The firm, however, trimmed estimates to reflect a potentially higher fixed cost burden in the next two years.