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Ferrari announces cybersecurity incident » 17:3203/2003/20/23
"Ferrari N.V announces that Ferrari S.p.A., its wholly-owned Italian subsidiary, was recently contacted by a threat actor with a ransom demand related to certain client contact details. Upon receipt of the ransom demand, we immediately started an investigation in collaboration with a leading global third-party cybersecurity firm. In addition, we informed the relevant authorities and are confident they will investigate to the full extent of the law. As a policy, Ferrari will not be held to ransom as paying such demands funds criminal activity and enables threat actors to perpetuate their attacks. Instead, we believed the best course of action was to inform our clients and thus we have notified our customers of the potential data exposure and the nature of the incident. Ferrari takes the confidentiality of our clients very seriously and understands the significance of this incident. We have worked with third party experts to further reinforce our systems and are confident in their resilience. We can also confirm the breach has had no impact on the operational functions of our company."
|Over a week ago|
Ferrari replaces Tesla as Morgan Stanley top pick in autos » 07:0003/0603/06/23
Morgan Stanley raised the…
Morgan Stanley raised the firm's price target on Ferrari (RACE) to $310 from $280 and keeps an Overweight rating on the shares, which the firm designates as its top pick in U.S. autos, replacing Tesla (TSLA). The firm, which said it has a "relatively bearish view on auto fundamentals," calls out Ferrari as the company with "the longest order backlog, greatest earnings visibility and highest pricing power of any company we cover." While admitting the stock "ain't cheap," Morgan Stanley argues "that's the price for security" as it sees Ferrari as "the most defensive name in our coverage that avoids much of the EV hype and EV risk."
Ferrari signs partnership agreement with Virtual Gaming Worlds » 10:2003/0203/02/23
Ferrari N.V. announces…
Ferrari N.V. announces that Ferrari S.p.A., its wholly-owned Italian subsidiary, has signed a multi-year partnership agreement with Virtual Gaming Worlds, a global technology company that specializes in the creation of online social games. Under the new multi-year agreement, effective from the first Formula 1 Grand Prix of the season in Bahrain, VGW will become Premium Partner of Scuderia Ferrari. Ferrari Chief Racing Revenue Officer, Lorenzo Giorgetti, said: "We are pleased to announce the arrival of VGW as a Premium Partner. As leaders in the gaming technology sector, they share our passion for innovation and thinking outside the box. We look forward to working with them in offering new assets and experiences to our loyal and passionate tifosi."
|Over a month ago|
Ferrari names Lorenzo Giorgetti chief racing revenue officer » 05:1202/0702/07/23
Ferrari announced that…
Ferrari announced that Lorenzo Giorgetti joins Ferrari as chief racing revenue officer, reporting to CEO Benedetto Vigna. Giorgetti has extensive experience in delivering consistent commercial growth of prestigious sports properties for the benefit of the sponsors and Ferrari. Most recently Giorgetti was chief commercial officer at AC Milan and played a significant role in the club's marketing and commercial relaunch.
Ferrari price target raised to EUR 283 from EUR 265 at RBC Capital » 15:0802/0602/06/23
RBC Capital analyst Tom…
RBC Capital analyst Tom Narayan raised the firm's price target on Ferrari to EUR 283 from EUR 265 and keeps an Outperform rating on the shares.
Ferrari price target raised to $330 from $274 at UBS » 07:4602/0302/03/23
UBS analyst Susy Tibaldi…
UBS analyst Susy Tibaldi raised the firm's price target on Ferrari to $330 from $274 and keeps a Buy rating on the shares. The analyst is positive on the company's Q4 earnings beat and 2023 guidance ahead of expectations that were driven by price-mix, leading to 320bps EBITDA margin expansion while more than offsetting inflation. The firm anticipates positive earnings momentum for Ferrari, with the next catalyst likely coming with Q2 results when price-mix "inflects strongly".
Ferrari price target raised to $310 from $290 at Credit Suisse » 07:3302/0302/03/23
Credit Suisse analyst…
Credit Suisse analyst Michael Binetti raised the firm's price target on Ferrari to $310 from $290 and keeps an Outperform rating on the shares following the Q4 results. Global order intake remains at record levels across geographies with visibility well into 2024, with Purosangue demand "well beyond" Ferrari's expectations, the analyst tells investors in a research note. Ferrari remains a top pick across Credit Suisse's coverage universe in 2023.
Ferrari sees FY23 adjusted EPS EUR 6.00-6.20 » 06:2302/0202/02/23
Sees FY23 revenue…
Sees FY23 revenue approximately EUR 5.7B.
Ferrari reports Q4 adjusted EPS EUR 1.21 vs. EUR 1.16 a year ago » 06:2102/0202/02/23
Reports Q4 revenue EUR…
Reports Q4 revenue EUR 1.37B vs. EUR 1.17B a year ago.
Fly Intel: Top five weekend stock stories » 20:0001/2201/22/23
CRM, ABT, RACE, DIS, WFC, CLMT, PM, MO, ET, COP, HAL, CVI, DNOW, NEX
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Activist investor Elliott Management has made a multibillion-dollar investment in Salesforce (CRM), adding to the pressures facing the business-software provider, The Wall Street Journal's Lauren Thomas and Laura Cooper report, citing people familiar with the matter. "Salesforce is one of the preeminent software companies in the world, and having followed the company for nearly two decades, we have developed a deep respect for [Co-Chief Executive] Marc Benioff and what he has built," Jesse Cohn, managing partner at Elliott, said. "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," added Cohn. 2. Abbott Laboratories (ABT) said it's cooperating with the Justice Department in a probe involving the contamination of baby formula at one of the company's plants last year, Bloomberg's Madison Muller and Anna Edney report. "DOJ has informed us of its investigation and we're cooperating fully," Abbott spokesman Scott Stoffel said in an email. 3. With a promising near-term outlook followed by a coming transition to electric vehicles that should juice sales volumes, Ferrari shares (RACE) appear set to shift into higher gear in 2023, Nicholas Jasinski writes in this week's edition of Barron's. 4. Disney's (DIS) "Avatar: The Way of Water" won the long weekend with an estimated $40.6M for a domestic total of $572.4M. Globally, the movie has crossed the $1.9B mark, as the James Cameron's sequel becomes the 13th highest-grossing film of all time at the U.S. box office. 5. Wells Fargo (WFC), Disney, Calumet Specialty Products Partners (CLMT), Philip Morris (PM), Altria Group (MO), Energy Transfer (ET), ConocoPhillips (COP), Halliburton (HAL), CVR Energy (CVI), NOW (DNOW), and NexTier Oilfield Solutions (NEX) saw positive mentions in this week's edition of Barron's.