HSBC has downgraded Ferrari from Buy to Hold, arguing the luxury automaker's stock offers limited upside despite the upcoming F80 hypercar launch. The brokerage cut its price target to €345 from €415 and trimmed its 2026 profit forecast by 7%, citing tempered growth expectations and mounting headwinds. While the F80 ramp-up and a richer product mix are expected to support margins, these gains face offsetting pressures.

HSBC points to rising Formula One costs, with the budget cap jumping to $215 million for the 2026 season, alongside foreign exchange headwinds. The firm forecasts flat year-over-year shipments next year, with growth driven by higher revenue per unit rather than volume. Ferrari also faces key model changeovers for its SF90 and Roma lines, plus the debut of its first battery-electric vehicle, the Elettrica, late in 2026.

Investors will be watching closely to see if management can deliver on its profit margin target of 29-30%.