Ferrari’s first electric car earned a chilly reception at its Rome unveiling this spring. A newly launched manual-gearbox V12 has since reset the story for one of the auto sector’s most closely watched luxury names.
Bank of America analyst Horst Schneider raised his price objective on Ferrari N.V. (NYSE:RACE) from $403 to $458. Ferrari last traded at $384.97, implying roughly 21% upside to the new mark.
A V12 Love Letter Answers The EV Doubts
On July 3, Ferrari unveiled the 12Cilindri Manuale, a limited-edition special series capped at 1,499 units and priced from €590,000 in Italy, with first deliveries slated for the first quarter of 2027.
It keeps the naturally aspirated 6.5-liter V12 rated at 830 horsepower and adds a Manuale by-wire system that pairs a clutch pedal and open-gate lever with the underlying eight-speed dual-clutch transmission, recreating the analog feel of a traditional gated shift.
Chief executive Benedetto Vigna had teased the reveal for weeks, telling U.S. dealers Ferrari would show something blending its heritage with its future.
“Something from the past with eyes on the future,” Vigna said of the model ahead of its debut.
BofA analyst Schneider framed the launch as a direct answer to the design controversy around the Luce Ferrari’s first battery-electric model.
He cut his Luce volume assumption to about 500 units a year from roughly 1,000 and added about 500 units a year for the Manuale across 2027 to 2029.
Because both models are priced near the same level, the revenue offset is nearly exact, and the earnings trade-off may skew positive since the Manuale carries a margin above the group average.
Schneider said the special series “monetizes scarcity, V12 heritage and analog driving emotion.”
Where Bank Of America Sits On A Bullish Street
The upgrade lands amid a broadly constructive Street.
Per Benzinga’s analyst ratings data, UBS reiterated a Buy on July 2 and lifted its target to a Street-high $497 while Morgan Stanley upgraded Ferrari to Overweight from Equal-Weight on 15 June, arguing the post-Luce selloff had gone too far.
JP Morgan holds an Overweight rating at $447 and Goldman Sachs initiated at Buy with a $454 target.
Bank of America’s new $458 mark on the U.S. shares now sits just above that cluster and trails only UBS.
Shares of Ferrari N.V. remain about 25% below the record high of $519.10 reached nearly a year ago.
Second-Quarter Results Put Guidance In The Spotlight
Ferrari reports second-quarter results on July 30. Bank of America models a 30.5% operating margin against consensus at 30.6% and up from 29.7% in the first quarter, helped by a richer product mix and slightly higher average prices as the F80 supercar and 296 Speciale ramp.
Volumes should slip modestly year over year as the 296 GTB phases out, and the Amalfi and 849 Testarossa only begin phasing in, making the quarter less about volume than the quality of earnings.
The firm expects a modest full-year 2026 guidance raise, noting Ferrari has lifted guidance at least once a year since 2022.
EPS Growth Now Runs Ahead Of Hermès
Schneider lifted his 2027 and 2028 earnings estimates and now sees compound earnings-per-share growth of about 9% through 2030 against Ferrari’s own mid-term guidance of about 6%.
That trajectory edges ahead of luxury bellwether Hermès, which many investors treat as Ferrari’s closest comparison.
Bank of America raised its terminal growth assumption to 3.75% from 3.5% and widened the valuation premium it applies to luxury peers to 25% from 20%.
The open question is still the Luce. Ferrari has offered little detail on order intake, and on June 22, commercial chief Enrico Galliera pushed back on reports that clients must buy the EV to access limited-series cars.
Investors will be listening on July 30 for the first firm read on whether the electric bet is landing.
Photo: William’s photo / Shutterstock.com
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