Ferrari (RACE) Receives “Buy” Rating from Berenberg Bank
A number of other equities research analysts have also issued reports on RACE. Citigroup Inc. restated a neutral rating on shares of Ferrari in a research report on Friday, October 21st. Zacks Investment Research upgraded Ferrari from a hold rating to a buy rating and set a $54.00 price objective for the company in a research report on Saturday, August 20th. Evercore ISI upgraded Ferrari from a sell rating to a hold rating in a research report on Tuesday, November 8th. Societe Generale assumed coverage on Ferrari in a research report on Thursday, October 13th. They issued a sell rating and a $45.00 price objective for the company. Finally, Morgan Stanley reiterated an overweight rating and issued a $56.00 price objective (up from $54.00) on shares of Ferrari in a research report on Wednesday, August 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $51.67.
Ferrari (NASDAQ:RACE) opened at 53.77 on Monday. The stock has a market cap of $10.16 billion and a PE ratio of 28.06. The firm’s 50-day moving average price is $53.11 and its 200 day moving average price is $47.34. Ferrari has a 12-month low of $31.66 and a 12-month high of $54.99.
Ferrari (NASDAQ:RACE) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.06. The company earned $783 million during the quarter, compared to analysts’ expectations of $826.93 million. The business’s revenue was up 8.3% compared to the same quarter last year. Analysts anticipate that Ferrari will post $2.18 EPS for the current year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RACE. Carroll Financial Associates Inc. boosted its position in Ferrari by 0.5% in the third quarter. Carroll Financial Associates Inc. now owns 7,714 shares of the company’s stock worth $400,000 after buying an additional 35 shares during the period. Advisor Group Inc. boosted its stake 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 during the last quarter. Raymond James & Associates boosted its stake in shares of Ferrari by 6.9% in the second quarter. Raymond James & Associates now owns 7,423 shares of the company’s stock valued at $302,000 after buying an additional 482 shares during the last quarter. US Bancorp DE boosted its stake 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 during the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of Ferrari by 1.5% in the third quarter. BlackRock Group LTD now owns 47,390 shares of the company’s stock valued at $2,458,000 after buying an additional 688 shares during the last quarter.
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