UBS starts Italian yacht makers Sanlorenzo, Ferretti at 'buy'

Ferretti SpA

10/10/2025 10:08

** UBS initiates Italian yacht makers Ferretti YACHT.MI and Sanlorenzo SNL.MI with "buy"

** Sanlorenzo, positioned at the top end of the market, focuses on direct distribution that supports "strong" cash generation and a "solid" balance sheet, UBS says

** As a result, it sees potential for shareholder return and M&A

** Ferretti offers exposure to the luxury yacht industry as the "market leader" in the most profitable segments of the industry, UBS notes

** While noting some degree of uncertainty as a result of its ownership structure, it adds it sees upside of around 60% to the group's share price

** It sets its PT on Sanlorenzo at 47 euros and on Ferretti at 4.35 euros

** Five out of five analysts that cover Sanlorenzo rate the stock "strong buy" or "buy", while six out of six analysts that cover Ferretti rate the stock "strong buy" or "buy ​ - LSEG data

(Reporting by Philippe Leroy Beaulieu in Gdansk)

((Philippe.leroybeaulieu@thomsonreuters.com))