RACE Ferrari N.V.

$RACE looks like there is room for more falling here. Patiently awaiting to see what happens near ~375. Quality cars quality company

$RACE Berenberg’s Sept. 2026 update, BUY, €384 PT: Dealer channel checks (Q3 2026) constructive: Surveys of Ferrari dealers in the U.S., Europe, and China showed improving sentiment, a pickup in order momentum for some models, and a stabilizing used-car market. Personalization spend remains above target: Buyers are continuing to spend heavily on options, though they are more selective to avoid over‑spec’ing cars; this supports pricing power and margins. Order book and allocation dynamics: The order backlog estimated at 18–24 months of production, strong personalization trends allow Ferrari to reserve more F80 deliveries for 2027–2028, supporting future revenue visibility. Financial quality underpins the thesis: Berenberg highlights Ferrari’s robust profitability (ca. 52% gross margin), solid FCF conversion (>75%), and high ROIC (>30%), with earnings growth expected to be driven more by price/mix than volume expansion.

$RACE: I’m not seeing fresh Ferrari-specific news today that clearly explains the move. The latest confirmed catalyst remains the third share-buyback tranche of up to €250m, launched on September 2. Ferrari reported on September 7 that 35,641 shares had been repurchased through September 4. That comes after the July 30 Q2 update, when Ferrari raised its 2026 EBITDA guidance to at least €2.97bn. What stands out to me is the timing: Ferrari is buying back stock while shares have recently been under pressure. The key question now is whether margins and the order book remain strong enough to support the premium valuation. Not financial advice. Do your own research.