Ferrari initiated with a Hold at Deutsche Bank

Deutsche Bank analyst Nicolai Kempf initiated coverage of Ferrari (RACE) with a Hold rating and EUR 430 price target The company’s “superb pricing” paired with limited China exposure resulted in the shares to more than double over the last two years, outperforming both the luxury and auto sectors, the analyst tells investors in a research note. The firm acknowledges that “luxury comes at a price,” but says Ferrari trading near all-time high multiples “requires a constant beat and raise.” It views the stock as “already well priced.”