Bank of America raised its price target for Ferrari (RACE) to $458 from $403. The bank maintained its Buy rating on the stock.
The upgrade follows the July 3 announcement of the limited-edition 12Cilindri Manuale. This V12 model features a modern, electronically-controlled version of a classic gated manual shifter.
Analysts believe the new V12 will compensate for a lowered sales forecast for the Luce, Ferrari's first electric vehicle. Bank of America halved its annual sales estimate for the Luce EV. The bank anticipates the high-margin V12 Manuale will provide a strong revenue and earnings offset while improving the future product mix.