Evercore ISI lowered the firm’s price target on Ferrari (RACE) to $475 from $580 and keeps an Outperform rating on the shares. Expectations for Q3 are muted following the recent guidance raise, though the stock impact is anticipated to be minimal, the analyst tells investors in a research note. The firm added the new price target reflects a discount to luxury peers like Hermes, highlighting the need for Ferrari to restore confidence.
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