Shares of Ferrari are at an attractive entry point, according to HSBC. Analyst Edoardo Spina upgraded Ferrari to buy from hold, and lowered his price target, saying the carmaker will continue to maintain earnings momentum from here. The analyst said the stock "isn't expensive" after falling more than 20% this year. "Quarter after quarter and year after year, Ferrari has almost flawlessly delivered on a textbook luxury strategy – exclusivity, pricing and delivering highly desirable products. Given this track record we see no reason to doubt its 2026 targets," Spina wrote in a Thursday note. While luxury names are not necessarily recession proof, the analyst said Ferrari can be, as demand for its luxury vehicles remain robust in a downturn. Meanwhile, the analyst pointed to the 2023 launches of Purosangue and Daytona SP3 models as catalysts for more growth. Investors also underestimate the firm's strategy for electric vehicle, Spina said. "Our estimates are up to 7% above consensus and the recently raised dividend payout ratio and share buybacks further support shareholder returns. Short-term temporary weakness in H2 2022 (page 6) offers a good entry point as earnings momentum should pick up thereafter," Spina wrote. The analyst lowered the price target to €240 euros from €255 euros. Regardless, the new price target is roughly 20.5% above the Oct. 25 closing price of €199.05, according to the note. —CNBC's Michael Bloom contributed to this report.