Jefferies ups Ferrari to 'buy' on stronger growth outlook, margins
Jefferies upgrades Ferrari RACE.MI to "buy" from "hold", saying confidence is improving in the Italian luxury carmaker's growth outlook and its ability to steadily lift margins
It says the rebuilding of the stock premium provides a "compelling macro-agnostic counterfoil to broader uncertainties"
It raises its PT to 350 euros ($405) from 310 euros, noting a favourable product mix should help limit the drag from foreign exchange moves on earnings
It adds first-quarter results on May 5 should give investors more confidence, after the carmaker appears to have brought forward some U.S. deliveries to offset short-term disruption to shipments to the Middle East
Out of 21 analysts, 13 rate the stock "strong buy" or "buy," six "hold" and two "strong sell" or "sell" - LSEG data
($1 = 0.8647 euros)
