BofA Securities has revised down its price objective for Ferrari (NYSE: RACE) to $360.00 from $415.00, while preserving a Buy rating in advance of the company's fiscal year 2025 results. The luxury carmaker's shares are quoted at $337.40, close to a 52-week low of $333.34, having fallen 33.49% over the prior six months. Data from InvestingPro indicate that Ferrari's current market price is effectively aligned with the platform's calculated Fair Value.
The automaker is slated to publish FY25 results on February 10, 2026. Horst Schneider of BofA Securities expects the report to contain no major surprises but anticipates management will adopt a cautious tone in its outlook.
BofA trimmed its forecasts primarily on two fronts: lower pricing assumptions and an updated product-mix view that incorporates greater dilution stemming from the Elettrica model. The bank underscored Ferrari's deliberate pricing stance - specifically, that the company does not simply raise sticker prices to offset inflation - as a factor in its reduced estimates.
For fiscal 2026, BofA's projections now sit broadly alongside consensus. The firm models revenue of roughly 6-7.6 billion, an EBIT margin of 28.9%, year-over-year EBIT growth near 5.2%, and earnings per share around 9.5. BofA characterises fiscal 2026 as a transition year, expecting the first half to be weaker than the second half. The bank attributes that intra-year disparity primarily to model changeovers and the influence of foreign exchange, while still forecasting an absolute increase in earnings despite a modest contraction in EBIT margin.
Separately, Ferrari has completed a 2 billion share repurchase program a year ahead of schedule and unveiled a new 3.5 billion buyback plan that extends through 2030. These capital-return actions follow various analyst moves: HSBC downgraded the stock from Buy to Hold and cut its target to 345.00, citing the company's shift in emphasis toward product mix during the forthcoming F80 model ramp-up. UBS nudged its price target to $555.00 from $563.00 but kept a Buy rating, pointing to management's practice of holding back vehicle units for future deliveries. Bernstein maintained an Outperform rating with a $395.00 target after a briefing call that yielded no major new information.
Additional reporting from Il Sole 24 Ore indicates that members of the Ferrari family may sell up to 5% of their stake without altering an existing shareholder agreement. Collectively, these developments underscore a period of strategic and financial recalibration for the luxury automaker as it navigates product transitions, pricing discipline and ongoing capital allocation decisions.