Ferrari N.V. has purchased 15,638 common shares on the New York Stock Exchange (NYSE) for a total consideration of €5,087,084.37 as part of the second tranche of its multi-year share buyback program. The transactions, executed on June 29 and June 30, 2026, saw the company acquire shares at an average price of $370.8518 per share, excluding fees. The second tranche was announced on April 10, 2026, and involves a Euro 250 million share buyback program, which is part of a larger multi-year program of approximately Euro 3.5 billion expected to be executed by 2030.

Breakdown of Recent Transactions

The following table details the purchases made on the NYSE during the reporting period:

Cumulative Investment and Treasury Shares

Since the announcement of the second tranche until July 3, 2026, Ferrari N.V. has invested a total consideration of Euro 137,925,977.76 for 468,979 common shares purchased on the EXM. Additionally, the company invested USD 40,797,556.26 (Euro 35,241,239.97) for 118,319 common shares purchased on the NYSE. As of July 3, 2026, the company held 18,006,969 common shares in treasury, net of shares assigned under its equity incentive plan, representing 9.29% of the then total issued common shares. Including special voting shares, the treasury holding represented 9.60% of the then total issued share capital.

Overall Program Progress

Since the start of the multi-year share buyback program on January 5, 2026, until July 3, 2026, Ferrari N.V. has purchased a total of 1,472,743 own common shares on EXM and NYSE. This includes transactions for Sell to Cover, amounting to a total consideration of Euro 433,925,302.76. The cancellation of treasury shares, approved by the Annual General Meeting of Shareholders on April 15, 2026, has not yet been effectuated and was not taken into account for the treasury share calculations.

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.