Ferrari's renewed focus on high-end clients is a "game changer" for its valuation said Societe Generale on Wednesday, as the French bank raised its price target for the stock by almost 40 percent.
Italy's most famous supercar maker first listed on the New York Stock exchange in October 2015 with an Initial Public Offering (IPO) price of $52. At Tuesday's close the stock was worth $128.95.
After long questioning the stock's value, the bank said they have now changed their mind, upping their price target for the luxury car manufacturer of $130 from $94 and shifting their recommendation from "Sell" to "Hold".
"The facts have changed and so we have changed our mind on Ferrari," read the note penned by equity analyst Stephen Reitman.