Jefferies, Goldman Sachs initiate Ferrari Group with 'buy'

** Jefferies and Goldman Sachs start coverage of Ferrari Group FERGR at "buy", supported by its strong position in the luxury logistics niche

** Jefferies sets PT for the logistics company at 10.5 euros and GS has it at 13.4 euros, vs Tuesday's closing price of 8.30 euros

** "Ferrari Group is a leading, one-stop shop logistics provider of luxury deliveries, enjoying 6-8% revenue growth, about 2x logistics peers, based on growing wallet share & geographical expansion" - Jefferies

** It projects high-single digit EBITDA growth beyond 2024 for the group, listed in Amsterdam since mid-February

** GS also sees Ferrari Group as one of the leading players in the luxury logistics industry, estimating its market share at more than 10%

** It sees revenue CAGR of 5% and adj. EBITDA CAGR of 7% in 2025-2029, largely driven by continued growth in value shipped and volume, and a modest margin improvement