Morgan Stanley Increases Ferrari (NYSE:RACE) Price Target to $180.00

Ferrari (NYSE:RACE) had its price objective lifted by Morgan Stanley from $175.00 to $180.00 in a research report sent to investors on Thursday, AnalystRatings.com reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also commented on RACE. Goldman Sachs Group upgraded shares of Ferrari from a neutral rating to a buy rating and set a $182.00 price target on the stock in a research report on Tuesday, August 13th. Zacks Investment Research upgraded shares of Ferrari from a sell rating to a hold rating in a research report on Wednesday, October 23rd. Bank of America boosted their price target on shares of Ferrari from $150.00 to $225.00 and gave the company a buy rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. boosted their price target on shares of Ferrari from $156.00 to $162.00 and gave the company a neutral rating in a research report on Tuesday, November 5th. Finally, Credit Suisse Group boosted their price target on shares of Ferrari from $185.00 to $205.00 and gave the company an outperform rating in a research report on Tuesday, November 5th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $174.81.

Shares of Ferrari stock traded down $0.06 during trading on Thursday, hitting $164.90. 288,483 shares of the company’s stock traded hands, compared to its average volume of 423,717. The company has a debt-to-equity ratio of 1.51, a current ratio of 4.23 and a quick ratio of 3.20. The firm’s fifty day moving average price is $155.15 and its 200 day moving average price is $154.28. Ferrari has a twelve month low of $93.85 and a twelve month high of $172.89. The company has a market cap of $30.96 billion, a PE ratio of 41.02, a PEG ratio of 2.43 and a beta of 1.34.

Ferrari (NYSE:RACE) last issued its earnings results on Monday, November 4th. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.03). The business had revenue of $915.00 million for the quarter, compared to analyst estimates of $889.08 million. Ferrari had a net margin of 19.67% and a return on equity of 51.17%. Ferrari’s revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.77 earnings per share. As a group, equities research analysts anticipate that Ferrari will post 4.15 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. Rational Advisors LLC lifted its position in shares of Ferrari by 21.5% during the third quarter. Rational Advisors LLC now owns 5,853 shares of the company’s stock worth $902,000 after purchasing an additional 1,037 shares in the last quarter. Corient Capital Partners LLC lifted its position in shares of Ferrari by 94.6% during the third quarter. Corient Capital Partners LLC now owns 3,157 shares of the company’s stock worth $486,000 after purchasing an additional 1,535 shares in the last quarter. Lenox Wealth Management Inc. lifted its position in shares of Ferrari by 7.4% during the third quarter. Lenox Wealth Management Inc. now owns 1,492 shares of the company’s stock worth $229,000 after purchasing an additional 103 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of Ferrari during the third quarter worth approximately $383,000. Finally, Parallel Advisors LLC lifted its position in shares of Ferrari by 17.3% during the third quarter. Parallel Advisors LLC now owns 440 shares of the company’s stock worth $68,000 after purchasing an additional 65 shares in the last quarter. Institutional investors own 36.56% of the company’s stock.

Ferrari Company Profile

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

Further Reading: Basic Economics

Analyst Recommendations for Ferrari (NYSE:RACE)

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