Ferrari supera la venta de EV, defendida por analistas
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Fazen Markets Editorial Desk
Collective editorial team · methodology
ferrarielectric-vehicles
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Analysts defended Ferrari's strategic position on 27 May 2026, calling a recent selloff in the company's shares an overreaction to broader electric vehicle sector weakness. Ferrari stock, with ticker RACE, had declined approximately 18% from its April peak to a price near $410. The reaction followed a broader de-rating of pure-play EV manufacturers, a move some analysts argue misapplies sector-wide concerns to a uniquely positioned luxury icon. Seekingalpha.com first reported the analyst commentary.
The current selloff mirrors a prior de-rating event in late 2023. At that time, EV demand concerns drove a 22% correction in the Global X Autonomous & Electric Vehicles ETF (DRIV) over six weeks, while Ferrari shares proved more resilient, declining only 9%. The present macro backdrop features higher-for-longer interest rates, with the 10-year Treasury yield near 4.5%. This environment pressures highly-valued growth stocks reliant on future cash flows, particularly in capital-intensive sectors like automotive manufacturing.
The immediate catalyst was a confluence of weak Q1 2026 deliveries and guidance cuts from several mass-market EV producers. This sparked a sector-wide risk reassessment, pulling down shares of companies even peripherally associated with the EV transition. For Ferrari, the selloff accelerated despite the company's reaffirmed commitment to a hybrid-first strategy and its lack of exposure to the struggling entry-level EV market. The market's reaction treated the entire automotive sector as a monolithic entity, overlooking Ferrari's distinct business model and customer base.
Ferrari's financial metrics illustrate its outlier status. The company's stock traded at a forward price-to-earnings (P/E) ratio of approximately 35x before the selloff, compared to a sector median of 12x for traditional automakers. Its operating margin for the last reported quarter stood at 24.7%, dwarfing the single-digit margins typical of mass-market peers. The selloff trimmed Ferrari's market capitalization by roughly $15 billion, from a peak above $85 billion to around $70 billion.
Before the selloff, Ferrari's share price was $502. After the decline, it traded near $410, representing a loss of $92 per share or 18.3%. In contrast, the iShares Global Consumer Discretionary ETF (RXI) declined only 4.2% over the same period. The company's order book remains full for the next two years, a stark contrast to the inventory build reported by several EV manufacturers. Ferrari's average revenue per vehicle exceeds $350,000, insulating it from price competition in the broader automotive market.
The defense of Ferrari signals a rotation into quality and pricing power within the automotive sector. Analysts identified direct beneficiaries as other ultra-luxury goods manufacturers with strong brand equity, such as Hermès (RMS) and LVMH (MC). These stocks could see incremental flows as investors seek havens from cyclical auto exposure. Within autos, suppliers with high exposure to Ferrari's hybrid powertrains, like Marelli Holdings, may see relative strength compared to suppliers dependent on high-volume EV production.
The primary counter-argument is that Ferrari's valuation remains historically elevated and still embeds significant growth expectations for its upcoming electric model due in 2026. A failure to meet delivery or margin targets for that vehicle presents a key risk. Institutional positioning data suggests hedge funds increased short interest in pure-play EV makers like Rivian (RIVN) by 15% in the week preceding the report, while long-only funds were noted buyers of Ferrari on the dip. Flow analysis indicates capital moving from speculative EV names into defensive growth names with proven profitability.
Investors should monitor Ferrari's capital markets day scheduled for 16 June 2026, where detailed financial targets for its electric vehicle program will be presented. The company reports Q2 2026 earnings on 1 August, which will provide an update on order intake and customizations, a key margin driver. The broader sector will react to monthly EV delivery figures from Chinese manufacturers, published in the first week of July.
Key technical levels for RACE include primary support at $395, its 200-day moving average, and resistance near $450, the level where the recent decline began. For the sector, watch the ratio of the DRIV ETF to the S&P 500; a stabilization or rebound would indicate the selloff has run its course. The price of lithium carbonate, a key battery input, will also signal cost pressures for the EV supply chain; a break below $12,000 per tonne would be constructive.
Ferrari's high P/E ratio reflects its status as a luxury goods company, not a typical automaker. Retail investors should assess it alongside peers like Hermès and LVMH, not Ford o General Motors. The premium is justified by its industry-leading margins, multi-year order backlog, and pricing power that allows it to pass on costs. A sustained premium requires the successful launch of its first electric vehicle sin diluir la exclusividad de la marca, un riesgo clave de ejecución monitoreado por los analistas.
Porsche AG (P911) began its EV transition earlier, con el Taycan ahora representando un segmento de volumen significativo. El enfoque de Ferrari es más gradual y se centra en la hibridación hasta finales de la década de 2020. Porsche apunta a un mayor volumen de EV, mientras que Ferrari prioriza mantener las características de rendimiento y exclusividad, planeando una producción anual mucho más baja para su primer EV. Esta diferencia significa que las finanzas de Ferrari están menos expuestas a la volatilidad de los costos de baterías de EV y la competencia del mercado masivo que las de Porsche.
Las acciones de automóviles de lujo han experimentado caídas bruscas durante el estrés del mercado en general, como la caída del 35% de Ferrari en el Q1 2020. Sin embargo, históricamente se han recuperado más rápido que los fabricantes de volumen debido a la demanda resiliente de individuos de alto patrimonio. La venta actual es única porque está impulsada por una narrativa de transición tecnológica en lugar de una recesión macroeconómica. Las transiciones pasadas, como el cambio de motores naturalmente aspirados a turboalimentados, no afectaron la valoración de Ferrari a largo plazo, lo que sugiere que los temores actuales pueden estar exagerados.
Analysts view Ferrari's selloff as a mispricing of sector-wide EV risks onto a luxury asset with distinct pricing power and a hybrid bridge strategy.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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