Ferrari: Oddo BHF raises TP

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Ferrari shares, with a target price raised from E475 to E485.


Yesterday, Ferrari published better-than-expected Q4 results (Q4 EBIT +8% vs. css, EPS +14%), thanks to better-than-expected sales, despite slightly lower margins.

The 2025 guidance is broadly in line with css expectations (sales/EBITDA slightly lower, EBIT in line), which implies upside potential given the group's usual cautious approach to setting targets, reports Oddo BHF.

In particular, for 2025, Ferrari expects sales > E7.0bn (vs. css E7.11bn, Oddo BHF E7.06bn), i.e. growth ≥ +5% y-o-y, still driven by mix, and EBIT ≥ E2.03bn, ≥ +7% y-o-y.

The broker adds that it is raising its 2025 EBIT estimate by 2.7%, placing it 3.1% > css and 3.6% > guidance.


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