Goldman Sachs Lifts Ferrari Price Target Amid Earnings Optimism
Goldman Sachs has raised its price target for Ferrari NV shares to EUR421.00 from EUR407.00, while maintaining a Buy rating. This move comes despite management's comments on lower year-over-year third-quarter volumes.
The firm expects Ferrari to exceed third-quarter 2026 earnings expectations, with projected pre-foreign exchange average selling prices of EUR456,000 and EUR461,000 for the third and fourth quarters, respectively.
Goldman Sachs' revised model incorporates a slower Amalfi ramp-up and 150 Luce deliveries in fiscal year 2026, down from a previous estimate of 300. The firm maintains above-consensus special-series assumptions of 2,540 and 2,480 units in fiscal years 2026 and 2027.
The company's strong pricing power is reflected in its impressive 51.6% gross profit margin, which Goldman Sachs expects to offset volume headwinds and elevated costs.