Ferrari price target lowered to EUR 450 from EUR 496 at BofA

BofA lowered the firm’s price target on Ferrari (RACE) to EUR 450 from EUR 496 and keeps a Buy rating on the shares. While the firm and consensus were more bullish on the five-year plan targets, the analyst would not call the “prudent” new plan a disappointment. The firm, which lowered estimates following the company’s capital markets day, also notes that it now applies a 10% discount to Hermes in its peer-based valuation, versus previously having been in-line.