Goldman double downgrades Ferrari to sell on likely costly transition to the electric vehicle era

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The arrival of a new CEO and the transition to electric vehicles should leave Ferrari's stock stuck in park for the immediate future, according to Goldman Sachs.

The luxury automaker tapped semiconductor industry veteran Benedetto Vigna as its new chief executive officer earlier this month. The move and a new plan for electric vehicles have signaled to many on Wall Street that Ferrari is moving into a new tech-centric era.

Still, Goldman analyst George Galliers dropped his rating on the stock to sell from buy, saying the strategic shift puts a ceiling on what Ferrari can do in the near term.

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