UBS has increased its price target for Ferrari from $478 to $513, while keeping a "Buy" rating for the luxury sports car manufacturer.

Analyst Robert Krankowski mentioned that although the third quarter is expected to be the weakest for Ferrari this year, the company's long-term growth story remains appealing.

Ferrari N.V. primarily focuses on manufacturing and selling luxury sports cars, which make up 85.8% of its net sales. The company also manufactures car engines, contributing 2.1% to its revenue, and is involved in other activities such as sponsorship and financial services, which account for 12.1% of sales.

The United States is the largest market for Ferrari, representing 25.7% of net sales, followed by Europe, the Middle East, and Africa at 21.9%.