Wolfe Research began coverage of Ferrari on Tuesday, assigning the luxury automaker an Outperform rating and setting a price target of €382. The firm's analyst, Emmanuel Rosner, argued that Ferrari’s published growth goals understate potential upside and that planned model introductions will lift revenue growth above consensus starting in 2027.
Rosner noted that Ferrari "has significantly underperformed since its 2025 Capital Markets Day," when the company outlined a 5% compound annual growth rate target for 2025-2030 that fell short of investor expectations. Despite that reaction, he said there is "room to exceed its targets, as pricing of new models drives topline acceleration in 2027 and even more so when the entire model lineup is fully renewed by 2030."
Wolfe Research’s financial projections place fiscal 2027 sales at €8.47 billion and EBIT at €2.62 billion, both above consensus figures of €8.13 billion and €2.44 billion, respectively. The firm expects average selling prices to reach €550,000 or higher by 2030, a level that supports a top-line compound annual growth rate in excess of 6% and an EBIT margin near 31% by that year.
Addressing market worries about Ferrari’s transition to electrified powertrains, Rosner described such concerns as "overblown." He highlighted that the company "has learned important lessons from its initial electrified vehicles" and plans a more measured approach to powertrain strategy going forward. He added that investments in electrification "are now in the rear-view mirror."
Wolfe’s €382 target derives from applying a 33-times multiple to its above-consensus fiscal 2027 EPS estimate of €11.59, which the firm says implies roughly 13% upside to the current share price. Rosner also observed that if Ferrari’s price-to-earnings multiple were to recover toward its five-year average of 40 times, there would be "considerable additional upside."
Impacted sectors: luxury automotive, automotive manufacturing, equity markets tracking premium carmakers.