Forget the $200,000 Lamborghini Urus - buy Ferrari stock instead.

After a surprise 15% correction earlier this fall, shares of Ferrari NV (RACE) - Get Report are back in a sweet spot, according to Jefferies analyst Philippe Houchois.

"The recent 15% correction creates an attractive level to rebuild positions in Ferrari ahead of the long awaited Investor Day, possible on Feb. 1, 2018," Houchois said in a note.

"We expect Ferrari to detail a path to 12% to 15% EPS growth and the continuation of exceptional IC returns despite reinvestment," the analyst added. Ferrari is also expected to disclose the "meaningful benefits" from its patent box tax regime.

Jefferies raised its price target for Ferrari stock to $130, implying a 24% upside from Ferrari shares' closing price Thursday, Dec. 7. In premarket trading Friday, Dec. 8, Ferrari stock revved up 1.19% to $105.88.

Ferrari stock has gained 107% since its IPO in late October 2015. According to TheStreet's Brian Sozzi, part of the luxury brand's success comes as the stock market reaches continued highs and demand for pricey supercars grows.

The new Ferrari Portofino will begin in Q2 of this year.

"It happens to make cars, but it makes luxury goods for a select group of people who cherish belonging to an exclusive club for our users," Ferrari CEO Sergio Marchionne told TheStreet in an interview.

That atypical dynamic allows Ferrari to charge high prices for its high-end products. Both the cost of manufacturing a Ferrari and the value a driver finds in owning one justify the price tag.

Whatever Ferrari is doing is working. Earnings for the third quarter grew 2.8% year-over-year and beat FactSet analysts' forecast by 8.8% and cars and part sales for the year ending Dec. 31 are expected to rise 13% over last year to $2.5 billion.

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