Ferrari N.V.: Periodic Report on the Buyback Program

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Go back to Ferrari N.V.: Periodic Report on the Buyback Program

HSBC cuts Ferrari (RACE) to Hold, upgrades Porsche on China exposure

December 13, 2023 9:25 AM EST

HSBC Global Research downgraded Ferrari (NYSE: RACE) to a Hold rating (From Buy) and raised their 12-month price target on the luxury auto stock to $340.00 (From $325.00) as analysts believe consensus for 2024 appears stretched and the potential for an earnings surprise appears limited.

At the same time, HSBC upgraded rival luxury automaker, Porsche AG to a Buy rating (From Hold) and cut their 12-month price target on the stock to $100.00 (from $110.00) following the companys recent price correction.

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