FLASH: Evercore ISI upgrades Ferrari (NYSE:RACE) to an Outperform rating from In Line in a strong note to clients Thursday.
“In this turbulent period of declining sales/production, and with arguably the largest event risk the auto industry has faced this millennium sitting only months away (EU CO2 regs), we urge investors to seek solace (or “Hide”) in Ferrari’s impressive earnings cadence (+12% EPS CAGR out to 2022), unrivaled pricing power, and unique ability to control its own destiny,” notes the Evercore analyst team.
Evercore assigns a price target of 155 to Ferrari Vs the 52-Wk high of 149.85.
The iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.
HeffX-LTN overall technical outlook for RACE is Very Bullish, there is light resistance now at 148.49, and strong support at 140.80, all of our Key indicators are Very Bullish in here