Jefferies raised its price target on Ferrari (NYSE:RACE) to €400 from a previous level, maintaining a ‘Buy’ rating, after the luxury automaker’s second quarter results highlighted stronger-than-expected pricing power and demand for personalization options.
Ferrari (NYSE:RACE) shares were trading at around €340 following the update
Jefferies wrote that Ferrari’s second quarter performance “confirmed the power of pricemix” amid broader concerns around consumer discretionary spending. The analyst lifted estimates by 3% to 4% to reflect accelerating average selling price trends, noting that Ferrari delivered an underlying ASP increase of more than 15% in the second quarter despite geographic mix headwinds. Jefferies highlighted stronger-than-expected personalization demand as a key driver of Ferrari’s outlook, with personalization revenue growth exceeding 20% in the quarter across models and regions.
The firm also noted that Ferrari’s order book remains fully covered through 2027, excluding potential orders for the 12Cilindri Manuale. “Pricemix and personalisation drivers seem to be emerging as much stronger than the underpins provided back at the October CMD,” the firm wrote. Jefferies expects Ferrari’s average selling price excluding foreign exchange effects to rise 12.2% in the second half of the year, above consensus expectations of around 8% before the earnings release and ahead of the 11.9% growth reported in the first half. The firm also raised its 2026 estimates, forecasting revenue of €7.84 billion compared with company guidance of around €7.6 billion and consensus expectations of €7.55 billion.