Morgan Stanley Cuts Ferrari (NYSE:RACE) Price Target to $456.00

Ferrari (NYSE:RACE) had its price target lowered by Morgan Stanley from $460.00 to $456.00 in a report issued on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has an overweight rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. Evercore reiterated an “outperform” rating and set a $485.00 price objective on shares of Ferrari in a research report on Friday, July 31st. Wolfe Research started coverage on shares of Ferrari in a report on Tuesday, July 7th. They issued an “outperform” rating on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research report on Wednesday, July 8th. UBS Group reaffirmed a “buy” rating on shares of Ferrari in a research report on Monday, September 21st. Finally, Sanford C. Bernstein increased their price target on Ferrari from $402.00 to $460.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $469.19.

Ferrari Price Performance

Shares of RACE opened at $388.03 on Wednesday. Ferrari has a 1 year low of $312.51 and a 1 year high of $503.78. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. The company has a market capitalization of $90.78 billion, a price-to-earnings ratio of 36.03, a price-to-earnings-growth ratio of 3.31 and a beta of 0.93. The business has a 50-day moving average of $408.78 and a 200-day moving average of $371.07.

Ferrari (NYSE:RACE) last announced its earnings results on Friday, July 31st. The company reported $2.99 EPS for the quarter, beating the consensus estimate of $2.83 by $0.16. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.38 earnings per share. As a group, equities research analysts anticipate that Ferrari will post 11.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Deutsche Bank AG boosted its position in shares of Ferrari by 3.9% during the 4th quarter. Deutsche Bank AG now owns 973,583 shares of the company’s stock worth $359,797,000 after purchasing an additional 36,670 shares in the last quarter. Biglari Sardar bought a new stake in Ferrari in the 2nd quarter valued at about $20,997,156. USS Investment Management Ltd increased its position in Ferrari by 902.0% in the 1st quarter. USS Investment Management Ltd now owns 229,353 shares of the company’s stock valued at $76,588,000 after buying an additional 206,463 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in Ferrari by 139.4% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 42,858 shares of the company’s stock worth $16,058,000 after buying an additional 24,956 shares during the period. Finally, Biglari Capital CORP. raised its stake in Ferrari by 29.4% during the 1st quarter. Biglari Capital CORP. now owns 291,981 shares of the company’s stock worth $98,821,000 after buying an additional 66,400 shares during the period.

About Ferrari

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its product portfolio includes mid- and front-engine sports cars, grand touring models, special-series vehicles and limited-edition automobiles. Ferrari also develops hybrid and other electrified models while maintaining a focus on performance, craftsmanship, design and exclusivity.

The company generates additional activities through its racing operations, vehicle personalization programs, financial services, merchandise, licensing and branded experiences.