Ferrari NV "Postcard from Rome: Electrifying the Discussion" (Buy) Pusz

研报英文原文证据摘录

Ferrari NV "Postcard from Rome: Electrifying the Discussion" (Buy) Pusz

Global Research

28 May 2026ab

Ferrari NV Equities

United StatesPostcard from Rome: Electrifying the Discussion

Retailers, Specialty

12-month rating Buy

Premature to draw conclusions on brand equity impact

Investor consensus ahead of the Ferrari Luce presentation was largely that it would be a 12m price target US$483.00

“non-event”, reflecting the widely held view that EVs are unlikely to become central to

Ferrari’s equity story, with combustion engine models expected to remain the core driver

Price (27 May 2026) US$330.33

of brand equity and profitability. However, the model’s design and certain features

triggered a notably negative reaction across both traditional and social media, raising RIC: RACE.N BBG: RACE US

concerns around potential brand dilution and driving an ~6% share price decline. While

Trading data and key metrics

it remains too early to assess any structural impact, our discussions with Ferrari clients

52-wk range US$517.65-314.63

(>15) during the event were more constructive, pointing to stable underlying loyalty

despite muted enthusiasm for the model. In our view, the EV offering is more likely to act Market cap. US$58.9b

as a complementary extension to the range rather than a fundamental shift in the Shares o/s 178m (COM)

brand’s positioning. That said, while we recognise the need to diversify the offering in Free float 65%

response to evolving consumer preferences and regulatory pressures, we believe a more Avg. daily volume ('000) 97.5

gradual evolution of the brand may be preferable to a step-change transformation, Avg. daily value (m) US$33.3

particularly given the risk of less favourable customer reactions to future launches. With Common s/h equity (12/26E) €4.37b