Jefferies upgraded Ferrari (RACE) to Buy from Hold with a price target of $400, up from $348. The firm sees the company posting high-single-digit revenue growth with “gradual” margin expansion, leading to 9% annual earnings growth over the medium term. Jefferies’ data suggests Ferrari resale value pressures are moderating. The shares should rebuild a “luxury premium” as Ferrari offers a “compelling macro-agnostic counterfoil to broader uncertainties,” the analyst tells investors in a research note. The firm thinks the company’s results on May 5 should bring confidence in its growth outlook.
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