Ferrari down, Citi's 'sell' slows post-results rally
The revision is motivated by the broker precisely because of the recent performance that brought the company's valuations to levels considered too high
2' min read
Le ultime da Radiocor
Iran: attacchi a Kuwait e Bahrein che parlano di 'pericolosa escalation'
Borsa: Europa fiacca tra timori tassi e fuga dal tech, Milano chiude a -0,6%
***Montenegro: von der Leyen, ingresso nell'Ue in 2028 e' obiettivo alla portata
2' min read
(Il Sole 24 Ore Radiocor) - Ferrari is now losing 3% on the stock market and is the most heavily penalised of the FTSE MIB paying for Citi's recommendation to cut its rating on the stock, advising to "sell". The share price returned to the EUR 380 area per share after the February rally which, in the wake of the results, had recorded a performance of +21% compared to the +7% of the Ftse Mib in the same period.
The record results for 2023 - with 5.97 billion in revenues, 1.61 billion in adjusted operating profit and 1.25 billion in adjusted net profit - even if accompanied by 2024 guidance that was not surprising to traders were behind the stock's further acceleration in the stock market. But the profit and loss numbers were accompanied by the proposal to distribute a dividend up 35% on a year ago with a coupon of EUR 2.443 per share, amounting to a 'cheque' to shareholders totalling EUR 440 million.
Added to this, in the sporting sphere, was the announcement of the arrival from 2025 of the British driver Lewis Hamilton at the wheel of the Maranello red car for the Formula 1 world championship. Precisely on the sporting competition front, the 2024 World Championship opened with a new success for the Red Bull team led by world champion Max Verstappen: for the Ferraris there was third and fourth place.
Citi's cut in the rating, with the price target raised to EUR 329 (from EUR 308), is justified by the broker precisely because of the recent performance that has brought the company's valuations to levels considered too high.
