Ferrari shares hit an all-time high in two years after its new CEO Louis Camilleri said that targets set by his predecessor Sergio Marchionne were ‘aspirational’.

Speaking to analysts on Wednesday, Camilleri said that in September, he will outline how Ferrari would attempt to reach the goal to double the profit by 2022.

Camilleri, however, stated that the goals for 2022 had ‘risks and opportunities’.

Camilleri stated that the goals for 2022 carried 'risks and opportunities'.

“Both Sergio and I had the same ambitions,” Camilleri told analysts on the earnings call, after repeating several times that the targets were “aspirational.”

The luxury-sport manufacturer witnessed a fall of 11 per cent in its shares on Wednesday to $118.00 but recovered by nearly four per cent on Thursday.

This drop was similar to that of Fiat Chrysler Automobiles shares which dropped a whopping 16 per cent on July 25 when its CEO Mike Manley cut the company’s profit targets for 2018

The luxury-sport manufacturer witnessed a fall of 11 per cent in its shares on Wednesday to $118.00 but recovered by nearly four per cent on Thursday.

Earlier on Wednesday, Ferrari said that adjusted earnings before interest, taxes, depreciation and amortization of the company rose up to 290 million euros ($338 million), beating all estimates. However, the company reiterated that it expects more than 1.1 billion for the full year.

Marchionne in February said that the company planned on doubling its profit to 2 billion euros within five years. However, following his death on July 25, the Italian automaker confirmed that details on achieving the 2022 targets will be given during the two-day investor presentations beginning on September 17.