Ferrari price target raised to $360 from $335 at JPMorgan

JPMorgan raised the firm’s price target on Ferrari to $360 from $335 and keeps a Neutral rating on the shares. The shares rally 13% yesterday despite Q4 results which were slightly softer than expected and 2024 guidance which was only roughly in line with expectation, driven by the fact that management guidance has in recent years generally been introduced softer than the Street as opposed to more in line, which has then been followed by subsequent guidance raises throughout the year, and the official confirmation subsequent to conclusion of the earnings call that leading Formula One race car driver Lewis Hamilton would join Scuderia Ferrari beginning in 2025 with a multi-year contract, the analyst tells investors in a research note. The company is “firing on all cylinders” but this is already reflected in the stock’s valuation, says JPMorgan.