Asia-Pacific shares are set for a lower open on Tuesday as investors await RBA's rate decision, as well as a docket of economic data across the region.
Analyst Adam Jonas increased Ferrari's price target by $30 to $310, implying the stock could rally 14.2% over the next year. He said the carmaker's defensiveness and hard-to-replicate luxury brand would be assets in amid a changing economic backdrop.
"We believe RACE is the best positioned company in our coverage in a highly uncertain macroeconomic and geopolitical tape," he said in a note to clients Monday. "In addition to its strong fundamentals, we believe RACE has levers to pull for both growth or downside protection, within a wide dispersion of macro outcomes."
He also said the stock "avoids much of the EV hype and EV risk." Still, he said the company had an underappreciated opportunity in the space as it could move away from internal combustion engines without losing the core of the brand.Tesla shares fall following vehicle price cutson its two most expensive models in the U.S. to improve demand.
Following the price cuts, the Tesla Model S now starts at $89,990, according to Tesla's website. That's about 5% below its previous price. The Model X, meanwhile, begins at $99,990, representing a 9% reduction in cost.
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