economy
Ferrari shares slump 6% after new electric vehicle is bashed online. Why Wall Street says buy the dip
The Italian luxury car maker unveiled its first all-electric vehicle, called Luce. Online critics were unimpressed.
TL;DR
- Ferrari's stock (RACE) dropped up to 6% on Nasdaq following the unveiling of its first electric vehicle, Luce.
- Initial online reviews and social media reactions were largely critical of the Luce's design.
- Analysts suggest the Luce is intended for new customers outside the current Ferrari owner base.
- Evercore ISI and Bernstein maintain 'outperform' ratings on Ferrari, with price targets suggesting significant upside.
- The stock has declined approximately 13% in the past three months, but the general analyst consensus remains positive.