Ferrari downgraded to Sell from Neutral at Citi

Citi downgraded Ferrari to Sell from Neutral with a price target of EUR 329, up from EUR 308. After a 30% rally since December, and trading on nearly 12-times sales and 57-times fiscal 2024 price-to-earnings, Ferrari’s current valuation is rich, the analyst tells investors in a research note. “We understand that in equity markets that are now more concentrated in ‘quality’ stocks than ever, Ferrari could easily run further, and we may well be wrong in our timing,” Citi adds. It cites valuation for the downgrade.