JPMorgan ups Ferrari to 'overweight' on profit drivers
** J.P. Morgan upgrades Ferrari RACE.MI to "overweight" from "neutral" as it believes its record pricing and backlog levels provide "excellent" visibility into its future growth
** Average delivery times for a Ferrari car currently average 24 to 30 months, significantly higher than the typical wait time of around 18 months, and its recently launched models are 20-30% pricier than its predecessors, it says
** Ferrari's ability to reallocate shipments from markets where demand is weaker to regions where its stronger is not only shielding the company from the negative impact coming from the Chinese slowdown, but resulting in higher margins, it adds
** The debut of its latest model, the first battery electric Ferrari, might take place as soon as next week, and is an event that historically brought a benefit to the company's earnings, JPM says
** Out of 13 analysts that cover Ferrari, seven rate the stock "strong buy" or "buy", six rate "hold"
Reporting by Philippe Leroy Beaulieu
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