Ferrari (RACE) is protecting long-term brand value with a cautious, scarcity-driven strategy after its recent investor day, but the approach leaves limited near-term catalysts, UBS said in a note Thursday.

UBS said the roughly 20% share decline since the capital markets day has shifted investor debate toward a "change in the equity story" but called Ferrari's decision to avoid "pricing missteps" seen in the luxury sector a correct move to preserve the brand.

"We view the targets as a 'floor' for expectations with room for positive surprises should the global context become less volatile," UBS said, flagging potential upside from greater US penetration, price/mix gains and customers' personalization of their vehicles.

UBS said it now assumes a more normalized price/mix with personalization forecast at about 20% of sales.

The bank cut its earnings per share forecast by up to about 8% and lowered its 12-month price target to $529 from $579, while keeping a buy rating on the stock.

Price: 391.58, Change: +2.01, Percent Change: +0.52