Resul Rehimov | Anadolu Agency | Getty Images
Kimi Raikkonen of Ferrari competes on track during the 4th round of Formula One World Championship Azerbaijan Grand Prix.
Ferrari shares hit an all-time high on Friday after better-than-expected earnings led to several positive analyst ratings for the luxury automaker.
The company’s stock cost rose more than 7 percent to a record high of 114.70 euros ($137.05) on the Borsa Italiana stock exchange in Milan on Friday afternoon. The stock led the pan-European Stoxx 0 in addition to the autos sector.
Ferrari had reported better-than-expected financial results Thursday. Adjusted earnings before interest, tax, depreciation in addition to amortization (EBITDA) rose to 272 million euros ($325 million) inside the first quarter, versus a Thomson Reuters estimate of 261 million euros. The numbers, boosted by an increase in 12 cylinder type sales, confirmed Ferrari’s outlook for the year.
The firm, which can be listed in both Italy in addition to the U.S., saw its stock given target cost upgrades via several brokers. Banca Akros raised its target cost to 118 euros via 110, Kepler Cheuvreux raised its target cost to 115 euros via 110 in addition to Mediobanca Securities raised its target cost to 114 via 111 euros.