Ferrari NV shares ticked up 0.4% to trade at 320.75 during the session, driven primarily by a Morgan Stanley upgrade that raised its rating on the stock to Overweight from Equalweight and pushed the price target to EUR 380 from EUR 330. The bank's new target implies roughly 24% upside from recent trading levels.
In presenting its rationale, Morgan Stanley highlighted that Ferrari's roughly 26% decline in share price over the past year has been driven mainly by a multiple de-rating - a valuation contraction rather than a commensurate decline in forecast earnings. The bank's revisions trimmed earnings-per-share estimates for fiscal years 2026 and 2027 by about 4% in total, a comparatively small adjustment that Morgan Stanley views as creating scope for a re-rating.
Complementing the analyst call, Ferrari's capital return program has continued to act as a structural floor under the equity. The company is actively repurchasing stock under the second 250 million tranche of a wider 3.5 billion multi-year buyback program, and has repurchased more than 1.3 million shares since the program began in January 2026. Management's continued repurchases, together with the absence of significant insider selling in recent months, have been cited as signals of confidence in the stock's intrinsic value.
The wider market environment also favored risk assets during the session. U.S. equities posted notable gains, with the S&P 500 advancing 1.65% and the Nasdaq rising 3.1%, creating a risk-on posture that helped lift European bourses, including the Milan exchange where Ferrari is listed. Those broader moves provided an extra tailwind for the stock.
With Ferrari's next quarterly report not scheduled until July 30, 2026, analysts' views and corporate actions such as buybacks are likely to remain the principal drivers of near-term price movement. Taken together, the Morgan Stanley upgrade, the ongoing buyback program and a supportive macro backdrop combined to produce the modest uptick in Ferrari's shares observed in today's trading.
Data points preserved: shares traded up 0.4% to 320.75; Morgan Stanley upgrade to Overweight from Equalweight; new price target EUR 380 from EUR 330 (about 24% upside); share decline ~26% over the last year attributed mainly to multiple de-rating; EPS revisions for FY26-27 down ~4%; buyback details - second 250 million tranche of a 3.5 billion program; more than 1.3 million shares repurchased since January 2026; no significant insider selling reported; S&P 500 +1.65% and Nasdaq +3.1% during the session; next earnings due July 30, 2026.