Difficult day in Piazza Affari for Ferrari. The Prancing Horse stock marks -3.6% approximately at € 167.65, on the lows of the day. To weigh is the rejection arrived by Goldman Sachs who cut Ferrari from buy to sell, reducing the target price from 192 to 170 euros.
With the company postponing its 2022 target to 2023, and with the consensus already around 12% above its 2023 EBIT target, Goldman Sachs sees limited room for positive earnings revisions. Furthermore, the potential surge in investments to finance the tech breakthrough and the goal of launching the first electric car by 2025 are weighing on the Red. This accelerated transition to the technologies of the future will lead to greater exposure and Goldman has thus raised by 5.6% the estimates on investments required for the decade 2021-2030 which will average 796 million euros per year.