Ferrari price target raised to $458 from $456 at BofA

BofA raised the firm’s price target on Ferrari to $458 from $456 and keeps a Buy rating on the shares after updating automotive industry targets for Q4 reporting to-date. Though the sample size is still small, “the first batch of reporters has largely delivered encouraging news for the Auto industry,” says the analyst, who believes the macro backdrop included in outlooks, especially volume assumptions, “has been way too conservative” and would expect upside through the course of 2024.