Berenberg reiterates Buy on Ferrari stock on strong personalization

Berenberg has reaffirmed its Buy rating on Ferrari NV with a price target of EUR384.00, highlighting dealer feedback and strong personalization spending. The luxury automaker, trading at a P/E ratio of 38.93 and a market cap of $78.7 billion, is currently perceived as overvalued according to InvestingPro analysis. Berenberg's dealer channel checks across the U.S., Europe, and China indicate a positive trend, with personalization spend outpacing targets.

This favorable trend enables Ferrari to reserve more F80 shipments for 2027 and 2028. Strong collector demand has produced several model records and near-records, such as a $40 million Luce at Monterey. Although the Luce model's order intake remains low, dealer sentiment around the Amalfi model, which falls short of order intake targets, has softened.

However, order momentum for the Amalfi has improved since recent checks, as customers can now test-drive the vehicle. Berenberg's third-quarter dealer checks support its Buy rating on the stock. Since the previous assessment, Ferrari has generated a 31% price return over six months while maintaining a strong 52% gross profit margin.

For investors seeking deeper insights into Ferrari's valuation and growth prospects, InvestingPro offers a comprehensive Pro Research Report for RACE and over 1,400 other US equities. Ferrari's second-quarter 2026 earnings surpassed Wall Street expectations, with adjusted earnings of $2.99 per share on $2.22 billion in revenue. This success was fueled by strong personalization demand, a diversified product mix, and consistent pricing power.

Following the earnings report, Ferrari raised its full-year guidance, signaling robust demand across its offerings. Analyst firms, including Bernstein, Evercore ISI, and UBS, have responded positively to Ferrari's financial performance, adjusting or maintaining their price targets between $460 and $490. These developments underscore Ferrari's solid financial health and market positioning.