(News Bulletin 247) – Oddo BHF reaffirms its ‘outperformance’ opinion on Ferrari, which is one of its favorite stocks (‘Top Picks’) in the automotive sector, with a price target raised from 300 to 310 euros in the wake of its estimates for the Italian group.
The design office sees the luxury car maker ‘on track for a record year’. He expects an improving first quarter, but thinks ‘the best is yet to come’, with a gradual acceleration throughout 2023 and beyond.
‘Regarding the valuation, the title is trading in line with its historical average and displays a discount of more than 20% against Hermès despite certain arguments in its favor (order book, no overexposure to China)’, further notes the analyst.
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