Barclays downgraded Ferrari to Equal Weight from Overweight with a price target of EUR 400, up from EUR 375, ahead of the Q1 report on May 7. The company has managed expectations, suggesting internal planning was lower than the Q1 consensus estimates, while Barclays’ mix model puts it 5% above the consensus, the analyst tells investors in a research note. Nevertheless, Ferrari shares now trade on a 12-month forward price-to-earnings multiple parity with Hermes again and will likely continue to caution the market, says the firm.
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