Ferrari: Manual(e) for Success
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Bernstein maintains an Outperform rating on Ferrari with a price target of $402, representing roughly 4% upside from the recent closing price of $384.97. The thesis is bolstered by Ferrari's official confirmation of the 12Cilindri Manuale, a limited-edition Special Series model featuring a newly patented manual gearbox system.
Priced at a base retail of 590,000 euros in Italy, the vehicle commands a 200,000-euro premium over the standard eight-speed automatic version. Production is strictly capped at 1,499 units, all of which have already been allocated to clients. Deliveries will commence in the first quarter of 2027.
Bernstein estimates the incremental research and manufacturing costs per vehicle to be under 50,000 euros. Consequently, the 200,000-euro premium generates approximately 150,000 euros in pure profit per car. This limited series is projected to boost the group's overall profit margin by roughly 40 basis points annually between 2027 and 2029. Furthermore, all units will be delivered through the Tailor Made customization program, potentially pushing final MSRPs above 800,000 euros.
The analysts suggest Ferrari may subsequently launch a Spider variant, adding approximately 750 units at a starting price near 700,000 euros, further enhancing profitability. Since Ferrari has not produced a manual road car since 2012, the 12Cilindri Manuale successfully capitalizes on resurgent demand for manual supercars, where legacy models like the manual 599 GTB currently trade between 600,000 and 1,000,000 euros. This product strength positions Ferrari to comfortably exceed its 2026-2030 revenue and EBIT growth targets.
Key exhibits
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