Oddo BHF confirms its 'outperform' rating on Ferrari shares, and raises its target price from €400 to €435.

Ferrari published its quarterly results yesterday, with sales up 11% and EBUT up 15%. EPS rose by 20% and was 5% above consensus.

According to Oddo BHF, this 'very solid' publication sets Ferrari apart 'more than ever' from the rest of the automotive sector, which is currently facing significant price and mix erosion.

Ferrari's outlook remains very positive, with an order book that includes even more price/mix effects, guaranteeing continued sales growth and margin expansion over the coming years", adds the analyst.

Following this publication, the Group confirms all the elements of its 2024 guidance, but certain assumptions now seem prudent to us, notably F1 following the announcement of a major Title Sponsor contract with HP (worth $90M/year according to press sources), reports the broker.

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