Ferrari (RACE) Receives $50.50 Average Price Target from Analysts
Ferrari (NASDAQ:RACE) has been assigned a consensus recommendation of “Hold” from the five analysts that are presently covering the stock. Two research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $50.50.
Several equities research analysts have recently commented on the company. Morgan Stanley restated an “overweight” rating and issued a $56.00 price objective (up from $54.00) on shares of Ferrari in a research note on Wednesday, August 17th. Zacks Investment Research lowered Ferrari from a “buy” rating to a “sell” rating in a research note on Wednesday, October 19th. Societe Generale assumed coverage on Ferrari in a research note on Thursday, October 13th. They issued a “sell” rating and a $45.00 price objective for the company. Evercore ISI upgraded Ferrari from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Citigroup Inc. restated a “neutral” rating on shares of Ferrari in a research note on Friday, October 21st.
Shares of Ferrari (NASDAQ:RACE) opened at 53.53 on Tuesday. The stock has a market cap of $10.11 billion and a P/E ratio of 28.20. Ferrari has a 52-week low of $31.66 and a 52-week high of $54.99. The firm’s 50-day moving average price is $52.45 and its 200-day moving average price is $46.49.
Ferrari (NASDAQ:RACE) last announced its earnings results on Monday, November 7th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.06. The company had revenue of $783 million for the quarter, compared to analysts’ expectations of $826.93 million. The company’s revenue was up 8.3% on a year-over-year basis. Equities analysts predict that Ferrari will post $2.14 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of RACE. Advisor Group Inc. increased its position in shares of Ferrari by 28.1% in the third quarter. Advisor Group Inc. now owns 1,990 shares of the company’s stock valued at $104,000 after buying an additional 436 shares in the last quarter. Nikko Asset Management Americas Inc. purchased a new position in shares of Ferrari during the third quarter valued at $145,000. US Bancorp DE increased its position in shares of Ferrari by 23.8% in the third quarter. US Bancorp DE now owns 2,867 shares of the company’s stock valued at $149,000 after buying an additional 551 shares in the last quarter. Stifel Financial Corp purchased a new position in shares of Ferrari during the second quarter valued at $271,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Ferrari during the third quarter valued at $356,000.
Ferrari Company Profile
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