Jefferies is the latest firm to express concerns over Ferrari (NYSE:RACE) and the impact of how its demand will hold up in a recession. The firm also warns that there is no visibility on Formula One improving.

The rating on Ferrari is dropped to Underperform from Hold. Analyst Philippe Houchois and team slash 2020-2022 estimates by 20% and reduce the price target to $108 from $145 vs. the average sell-side PT of $163.54.

RACE +0.95% premarket to $160.00.

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