Shares in Ferrari hit lowest since Feb 2024, long-term targets below estimates

Shares in Italy's Ferrari RACE.MI fall as much as 16.2%, on track for their biggest single-day drop ever, after the carmaker's fresh targets fell short of analysts' expectations

Ferrari is hosting its Capital Markets Day and presenting its 2026-2030 strategic plan, in which it raised its 2025 forecast

However, the metrics are "a bit shy of estimates," according to a London-based trader

Citi says the 2030 forecast falls below its "lower growth case" estimates, pointing to a conservative approach from management

"Given guidance ... implies limited operating leverage through the coming cycle," it says in a note, maintaining a "sell" rating on the stock as it sees near-term risk for its EPS consensus

Ferrari's share price dropped to 350.8 euros ($407.28), its lowest since February 2024

Amsterdam-listed shares in Exor EXOR.AS - Ferrari's largest shareholder - are also on track for their worst day ever, falling as much as 10.5%

($1 = 0.8613 euros)