Zacks Investment Research Upgrades Ferrari (RACE) to “Hold”
Ferrari (NYSE:RACE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “
A number of other research analysts have also recently weighed in on the company. HSBC began coverage on Ferrari in a report on Monday, December 11th. They issued a “hold” rating on the stock. Jefferies Group lifted their target price on Ferrari to $130.00 and gave the company a “buy” rating in a report on Friday, December 8th. BidaskClub cut Ferrari from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. Finally, TheStreet upgraded Ferrari from a “c” rating to a “b-” rating in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $114.71.
Ferrari (NYSE:RACE) last issued its earnings results on Thursday, November 2nd. The company reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.15. Ferrari had a return on equity of 106.38% and a net margin of 15.06%. analysts predict that Ferrari will post 2.89 EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in RACE. Parallel Advisors LLC raised its position in Ferrari by 554.3% in the third quarter. Parallel Advisors LLC now owns 1,060 shares of the company’s stock valued at $117,000 after purchasing an additional 898 shares during the period. Aviance Capital Management LLC purchased a new position in Ferrari in the second quarter valued at about $130,000. Quadrant Capital Group LLC raised its position in Ferrari by 1.2% in the second quarter. Quadrant Capital Group LLC now owns 1,976 shares of the company’s stock valued at $162,000 after purchasing an additional 24 shares during the period. PNC Financial Services Group Inc. raised its position in Ferrari by 6.6% in the second quarter. PNC Financial Services Group Inc. now owns 1,917 shares of the company’s stock valued at $165,000 after purchasing an additional 119 shares during the period. Finally, Cornerstone Advisors Inc. raised its position in Ferrari by 678.6% in the third quarter. Cornerstone Advisors Inc. now owns 1,526 shares of the company’s stock valued at $169,000 after purchasing an additional 1,330 shares during the period. 31.85% of the stock is currently owned by institutional investors.
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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