• Shares of Ferrari are up almost 35% this year, but they came off their highs on trade tensions recently.
• We don’t think there is much room for further multiple expansion, there already has been a lot of that.
• But there are still enough other levers for the company to get the share price higher.
• Nearby risks are trade tensions and further out are changes like EVs and autonomous vehicles which could have some impact on the company.

Source: Ferrari Still Has Room To Run – Ferrari N.V. (NYSE:RACE) | Seeking Alpha