JPMorgan upgrades Ferrari on ‘high visibility earnings growth’

JPMorgan upgraded Ferrari to Overweight from Neutral with a price target of $525, up from $385, after meeting with management. The firm believes the company’s “idiosyncratic drivers of high visibility earnings growth” will increasingly be valued by investors amid growing macro, industry, and geopolitical uncertainty. The analyst left the meetings confident Ferrari will “prove impervious” to the present slowdown in China and the European luxury goods brands. Ferrari’s upcoming battery electric vehicle was said to be a true Ferrari that delivers an “incredible” driving experience and JPMorgan postulates the company could as soon as next week debut its latest Supercar, the analyst tells investors in a research note.