Ferrari Share Price Slips to New Low From Opening Price in October

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Ferrari Share Price Slips to New Low From Opening Price in October –

THE WALL STREET JOURNAL -Shares of the luxury automaker are off 2.1% to $50.30, on track to close at their lowest level since debuting in October, after a batch of analysts initiated coverage on the stock almost a month after it went public.

Ferrari’s stock has slid 16% from its opening price of $60 when it launched Oct. 21. The night before the company’s public debut, shares priced at $52 each, at the top of the expected range, showing investors were willing to pay up for a firm with a strong brand.

UBS, for one, is optimistic on the stock, expecting it to return to its opening debut price of $60 over the next 12 months. Analysts at J.P. Morgan and Evercore ISI are taking a more cautious view though.

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