Ferrari downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Ferrari (RACE) to Equal Weight from Overweight with an unchanged price target of EUR 485. With the 8% rally on the Q4 results, Ferrari shares moved to well within 10% of the price target the analyst tells investors in a research note. The firm acknowledges a “stubborn” debate about residual values, leaving the market concerned about potential effects on incremental demand, ability to allocate volume in the affected markets, and effects on Ferrari’s pricing power. As such, it downgrades the shares post the recent rally.