Wednesday marked Ferrari’s (RACE) first day of trading on the New York Stock Exchange. The luxury car spinoff will be trading under the ticker RACE and was initially priced at $52. The company is looking to sell a 9 percent stake worth around $895 million. The IPO is expected to value the racing car brand at around $9.8 billion. The climate has been an increasingly tough one for European automakers, shares in parent company Fiat Chrysler (FCAU) have taken a hit over recent weeks and the industry has been rocked by the recent Volkswagen (VW) revelations. So what do people on Wall Street the think about the stock’s prospects? TheStreet’s Amelia Martyn-Hemphill went to find out.
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