Ferrari NV (RACE) has overtaken its former parent Fiat Chrysler Automobiles NV (FCAU) in market cap by more than $2.2 billion, Bloomberg reported.
Ferrari, which split off from Fiat Chrysler in January 2016, has a market value of $20.89 billion. Fiat Chrysler's market cap is about 11% smaller at $18.63 billion.
The gap between the companies is set to widen, according to brokerages including UBS Group AG, Banca IMI SpA and Banca Akros SpA, which have all increased their price target for Ferrari by 25% or more.
Ferrari reported strong second quarter earnings last week and released plans to expand its fleet of luxury vehicles, possibly to include a roomier four-seater to its line of high-performance sports cars.
Ferrari stock jumped 1.5% premarket to $112.20 per share. Fiat Chrysler closed slightly up Monday.
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