Bank of America analyst Horst Schneider raised the price objective on Ferrari N.V. to $458 from $403, implying roughly 21% upside from the last trade of $384.97. The upgrade follows the July 3 unveiling of the 12Cilindri Manuale, a limited-edition special series capped at 1,499 units and priced from €590,000 in Italy. First deliveries for the vehicle are slated for the first quarter of 2027.

V12 launch offsets EV concerns

The 12Cilindri Manuale retains the naturally aspirated 6.5-liter V12 rated at 830 horsepower. It incorporates a Manuale by-wire system, pairing a clutch pedal and open-gate lever with the underlying eight-speed dual-clutch transmission to replicate an analog driving feel. Chief Executive Benedetto Vigna had previously indicated the model would blend heritage with future technology.

Schneider framed the launch as a response to design debates surrounding Ferrari's first battery-electric model, the Luce. The analyst reduced the Luce volume assumption to about 500 units a year from roughly 1,000. Conversely, he added approximately 500 units a year for the Manuale across 2027 to 2029. As both models are priced similarly, the revenue offset is nearly exact, though the Manuale carries a margin above the group average, potentially skewing earnings positively.

Analyst ratings and market position

The Bank of America target of $458 sits above a cluster of recent Street valuations but trails UBS, which set a Street-high target of $497 on July 2. Morgan Stanley upgraded Ferrari to Overweight from Equal-Weight on June 15, arguing the post-Luce selloff was excessive. JP Morgan maintains an Overweight rating with a $447 target, while Goldman Sachs initiated coverage at Buy with a $454 target. Ferrari N.V. shares remain about 25% below the record high of $519.10 reached nearly a year ago.

Earnings outlook and guidance

Ferrari is scheduled to report second-quarter results on July 30. Bank of America models a 30.5% operating margin for the quarter, compared to a consensus of 30.6% and an improvement from 29.7% in the first quarter. This margin expansion is expected to be driven by a richer product mix and slightly higher average prices, supported by the ramp of the F80 supercar and 296 Speciale. Volumes are anticipated to slip modestly year over year as the 296 GTB phases out and new models like the Amalfi and 849 Testarossa begin phasing in.

Schneider lifted earnings estimates for 2027 and 2028, projecting compound earnings-per-share growth of about 9% through 2030. This exceeds Ferrari's own mid-term guidance of about 6% and edges ahead of luxury peer Hermès. The firm raised its terminal growth assumption to 3.75% from 3.5% and increased the valuation premium applied to luxury peers to 25% from 20%. Investors await the July 30 report for further details on order intake for the Luce.

Ferrari has refuted claims that access to its limited edition models is conditional upon the purchase of its upcoming Luce electric vehicle (EV). The luxury automaker addressed these allegations on June 22, 2026, stating that no such purchase requirement exists for customers seeking its exclusive vehicles.

The clarification comes amid reports suggesting a link between the acquisition of the Luce EV and eligibility for Ferrari's high-demand, limited-run cars. Ferrari emphasized that its sales policies remain independent, ensuring that customers are not compelled to buy one model to secure another.

Luce EV and Limited Edition Models

The Luce EV represents Ferrari's strategic expansion into the electric vehicle segment. However, the company has confirmed that this launch operates separately from its limited edition series, which are typically reserved for top clients and collectors.

Ferrari's denial aims to maintain transparency and trust with its customer base, ensuring that the acquisition of its limited edition models remains based on established criteria rather than additional purchase mandates.