Why Ferrari Could Have Additional Upside
At a time when many investors are shying away from automotive stocks amid the COVID-19 pandemic, as well as a plateauing North American new vehicle sales market, RBC Capital believes upside can be found with ultra-luxury automaker, Ferrari (NYSE: RACE). RBC Capital analyst Tom Narayan initiated coverage of the famous Italian automaker with an "outperform" rating and a price target of 200 euros. First, Ferrari's Purosangue SUV will open up the doors to not only a new demographic but also into the potentially lucrative Chinese luxury auto market.
