Ferrari shares hit an all-time high on Friday after better-than-expected earnings led to several positive analyst ratings for the luxury automaker.

The company’s stock price rose more than 7 percent to a record high of 114.70 euros ($137.05) on the Borsa Italiana stock exchange in Milan on Friday afternoon. The stock led the pan-European Stoxx 600 and the autos sector.

Ferrari had reported better-than-expected financial results Thursday. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose to 272 million euros ($325 million) in the first quarter, versus a Thomson Reuters estimate of 261 million euros. The numbers, boosted by an increase in 12 cylinder model sales, confirmed Ferrari’s outlook for the year.

The firm, which is listed in both Italy and the U.S., saw its stock given target price upgrades from several brokers. Banca Akros raised its target price to 118 euros from 110, Kepler Cheuvreux raised its target price to 115 euros from 110 and Mediobanca Securities raised its target price to 114 from 111 euros.

Source: cnbc
Ferrari shares hit record high in Milan after automaker posted solid earnings