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Ferrari reported a 2% increase in total sales to 3,325 cars in the last quarter, despite declines in China, Hong Kong, and Taiwan. UBS raised its price target for the stock from $513 to $584, highlighting strong performance and a positive outlook, while Bernstein Research maintained a buy recommendation with a target of $575. The company anticipates a modest profit growth of 5% for the upcoming year, with an order backlog extending through 2026.
Elon Musk and Nicolai Tangen, CEO of Norway's oil fund, had a clash after the fund voted against Musk's $56bn pay package, the largest for a CEO in the U.S. Musk declined Tangen's dinner invitation, expressing disappointment over the vote. The oil fund has a history of opposing excessive executive compensation, emphasizing performance-based pay.
Ferrari's core earnings rose 7% in Q3, driven by a richer product mix and increased demand for personalization, despite a slight dip in car shipments. The company reported adjusted EBITDA of 638 million euros, aligning with analyst expectations, but shares fell 3.3% as full-year forecasts remained unchanged. CEO Benedetto Vigna expressed confidence in meeting targets, citing strong order visibility into 2026.
Benedetto Vigna
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ferrari reports strong sales growth and analysts raise price targets
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16:07 28.01.2025
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