Oddo BHF believes that Ferrari published solid Q4 results yesterday, in line with expectations (but with a better-than-expected price effect).

' However, the focus of the publication was on the 2024 guidance. We place ourselves 8% above at EBIT level, i.e. an increase in our estimates of 2%', says Oddo BHF.

' Looking beyond 2024, we note that the Group has announced for the first time that it expects to reach the top end of its 2026 guidance.

The record order book (~2 years) and the product pipeline (notably the supercar expected by 2026, for which we expect a record price/volume ratio, and the BEV, which we believe will broaden the addressable market) provide excellent visibility for Ferrari's continued sales growth and margin expansion until at least 2027," adds the analyst.

Oddo BHF raises its price target from E360 to E400 and reiterates its Outperform rating.

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