Goldman twice downgrades Ferrari to sell likely expensive transition to electric vehicle era
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The arrival of a new CEO and the switch to electric vehicles should leave FerrariThe stock is stranded in the park for the immediate future, according to Goldman Sachs.
The luxury automaker brought in semiconductor industry veteran Benedetto Vigna as its new chief executive earlier this month. The move, along with a new plan for electric vehicles, signaled many on Wall Street that Ferrari is entering a new tech-centric era.
Goldman analyst George Galliers lowered his rating on buy and sell stock, saying the strategic change caps what Ferrari can do in the short term.