Group 1 - Ferrari's stock (RACE.US) has experienced a decline of 2% in pre-market trading, marking a four-day losing streak and potentially reaching a new annual low [1] - Morgan Stanley has downgraded Ferrari's rating from "overweight" to "hold" and reduced the target price from $520 to $425 [1] - Bernstein analysts indicated that Ferrari's long-term financial guidance is significantly below market expectations, with a compound annual revenue growth target of only 5% from 2024 to 2030, compared to the market's average expectation of around 7% [1] Group 2 - As of the last trading session, Ferrari's closing price was $375.35, down 1.99%, with a pre-market price of $367.67, reflecting a 2.05% decrease [2] - The stock's 52-week high was $519.10, while the 52-week low was $372.31, indicating significant volatility [2] - Ferrari's total market capitalization stands at $66.55 billion, with a total share count of 177 million [2]

This is why rich people hate Ferrari. When you finally make real money, you expect one thing, being able to buy whatever you want. Every luxury car brand allows you to do that, but not Ferrari.You can walk in with the money ready, point at the car you want, and Ferrari will look you dead in the eye, and say no, because they're not selling cars. They're running a private club and they decide who gets in. ...

Core Viewpoint - Morgan Stanley downgraded Ferrari's rating from "Overweight" to "Equal-weight" and reduced the target price from $520 to $425 [1] Company Summary - The downgrade reflects a shift in investment sentiment towards Ferrari, indicating a more cautious outlook on the company's future performance [1] - The new target price of $425 suggests a significant reduction in expected growth or profitability compared to previous estimates [1]

Core Insights - Ferrari N.V. is a luxury sports car manufacturer with a current trading price of $393.21 and a market capitalization of approximately $70.21 billion, indicating its significant presence in the luxury automotive market [1][5] - Morgan Stanley has set a price target of $425 for Ferrari, suggesting an 8.08% potential increase from the current price [1][6] - Recent investor activity shows mixed sentiment, with some investors reducing their stakes while others are acquiring new positions [2][3][6] Investor Activity - Dnca Finance reduced its stake in Ferrari by 1.3%, selling 1,672 shares, leaving them with 130,435 shares valued at approximately $63.7 million [2] - Jump Financial LLC acquired a new stake in Ferrari valued at around $19.6 million, while Capula Management Ltd took a new position worth approximately $397,000 [3] - Cresset Asset Management LLC increased its holdings in Ferrari by 2.0%, indicating varied investor sentiment [3][6] Stock Performance - Ferrari's stock is currently priced at $393.21, experiencing a slight decrease of 0.51% today, with a trading range of $392.17 to $399.05 [4] - Over the past year, the stock has shown volatility, reaching a high of $519.10 and a low of $372.31 [4]

Core Viewpoint - The article discusses the evolving perspectives on growth and value investing, highlighting the need to reassess traditional investment principles in light of modern economic realities and the success of high-growth companies [5][6][7]. Group 1: Growth vs. Value - There is an acknowledged and widening divergence between growth and value investing, with traditional value principles struggling to account for the sustained high growth of companies like Microsoft, Google, and Amazon [7][8]. - The underlying economic structure has shifted, suggesting that reliance on historical value metrics may no longer be sufficient for investment success [7][8]. - Despite the differences, there are fundamental commonalities between growth and value investing, particularly in the importance of honest long-term cash flow estimation and risk management [8][9]. Group 2: Historical Context and Evolution - Historically, there has been a lack of literature supporting growth investing compared to the extensive documentation of value investing, which has created a bias in the investment community [13][14]. - The belief that "value will ultimately prevail" remains entrenched, despite evidence that growth strategies have outperformed passive indices over the long term [14][15]. - The past decade has seen a significant deviation from Graham's observations, with high-growth stocks yielding substantial returns, contrary to his predictions [18][19]. Group 3: Case Studies - Microsoft serves as a prime example of a company that has achieved remarkable long-term growth, with revenue increasing from $60 billion in 2008 to $110 billion in 2018, showcasing a compound annual growth rate of 24% [20]. - Google also exemplifies this trend, with its revenue growing from $21.8 billion in 2008 to $136.8 billion in 2018, reflecting the potential of high-growth companies to deliver exceptional returns [21]. - The article contrasts Coca-Cola's stagnation in stock value over the past 20 years with Facebook's growth trajectory, suggesting that the latter may align more closely with modern investment principles [70][75]. Group 4: Future Investment Landscape - The future of investing will likely be shaped by structural changes in the global economy, necessitating a shift in focus from short-term financial metrics to long-term transformative trends [40][41]. - The concept of "creative destruction" is becoming increasingly relevant, indicating that traditional investment strategies may need to adapt to a rapidly changing economic environment [41][42]. - Companies that can leverage network effects and platform positions may exhibit "super-linear growth," challenging traditional value investment assumptions [61][62].

Core Viewpoint - Ferrari's stock experienced a significant decline following the October Capital Markets Day, dropping from above $500 to below $400, primarily due to new 2030 targets indicating slower growth than expected [1]. Group 1: Financial Guidance - Ferrari raised its 2025 guidance to at least 7.1 billion euros, with a long-term target of approximately 9 billion euros in net revenue by 2030, reflecting about 5% annualized revenue growth [4]. - The company expects earnings before interest (EBIT) to reach at least 2.75 billion euros by 2030, implying around 6% annual growth and an EBIT margin of at least 30% [4]. - Management plans to generate at least 3.6 billion euros of EBITDA and about 8 billion euros of industrial free cash flow from 2026 to 2030, with a commitment to return roughly 7 billion euros to shareholders through dividends and buybacks [5]. Group 2: Market Reaction and Performance - The stock's double-digit drop was triggered by investors' focus on slower growth targets, despite the company maintaining some of the best margins in the auto industry, with high-30s adjusted EBITDA margins and high-20s adjusted operating margins [2][6]. - The introduction of the new F80 supercar is expected to provide significant earnings support in the upcoming year [6]. Group 3: Management Strategy - Ferrari's conservative long-term targets may be viewed as a cautious approach, as the company has a history of outperforming its targets, being on track to exceed many of its 2026 profitability goals a year early [7].

Core Insights - The article compares Atmus Filtration Technologies (ATMU) and Ferrari (RACE) to determine which stock is a better undervalued investment option for investors in the Automotive - Original Equipment sector [1] Group 1: Zacks Rank and Earnings Estimates - Atmus Filtration Technologies has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Ferrari has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system emphasizes companies with strong earnings estimate revisions, suggesting that ATMU is likely experiencing a more favorable earnings outlook compared to RACE [3] Group 2: Valuation Metrics - ATMU has a forward P/E ratio of 20.03, significantly lower than RACE's forward P/E of 37.25, indicating that ATMU may be undervalued relative to RACE [5] - The PEG ratio for ATMU is 3.46, while RACE has a PEG ratio of 4.20, suggesting that ATMU offers better value when considering expected earnings growth [5] - ATMU's P/B ratio is 12.9, compared to RACE's P/B of 21.57, further indicating that ATMU is more attractively valued [6] Group 3: Value Grades - Based on various valuation metrics, ATMU holds a Value grade of B, while RACE has a Value grade of D, reinforcing the notion that ATMU is the better investment option for value investors at this time [6]

分组1 - Ferrari's shares have decreased nearly 25% since the October Investor Day due to unambitious guidance for the rest of the decade [1]

Core Thesis - Ferrari N.V. is viewed positively due to its strong brand, profitability, and strategic approach to electrification, making it a long-term growth favorite among investors [2][3][4] Financial Performance - As of December 1st, Ferrari's share price was $386.93, with a market capitalization of $74.58 billion [2] - The company achieved a 36% total shareholder return in 2024, showcasing its ability to maintain exclusivity and pricing power [2] - In Q3 2025, Ferrari reported a 48% return on equity and an adjusted operating margin of 28.3% in 2024, indicating superior profitability [3] Strategic Positioning - Ferrari balances tradition and innovation by maintaining its internal combustion engine lineup while introducing hybrid and electric models [3] - The racing division contributes significantly to brand value and revenue, reinforcing Ferrari's identity as a luxury and performance leader [4] Shareholder Dynamics - Exor, Ferrari's largest shareholder, reduced its stake to decrease portfolio concentration but remains a significant holder [2] - At the end of Q2, 43 hedge fund portfolios held Ferrari shares, down from 51 in the previous quarter, indicating a slight decline in hedge fund interest [6][7]

格隆汇12月4日｜美国银行分析师写道，监管规定减少，尤其是有关二氧化碳排放的规定，将为汽车行 业带来亟需的灵活性。这些分析师表示，美国已经引领了这一趋势，甚至可能完全取消二氧化碳法规。 该行补充称，欧洲不会走那么远，但可能会将内燃机汽车的禁令推迟到2040年以后。"我们认为，最便 宜的股票将从监管放松中获益最多，但最终，所有汽车制造商——从雷诺到法拉利——的折现现金流前 景都将改善。"该行以估值为由，将雷诺和保时捷的股票评级从"中性"上调至"买入"，并将梅赛德斯-奔 驰的评级从"弱于大盘"上调至"中性"。保时捷、大众汽车、宝马、梅赛德斯-奔驰、法拉利、雷诺、沃 尔沃汽车和保时捷的股价均上涨3.5%至5%。 ...