Zacks: Analysts Set $56.33 Price Target for Ferrari (RACE)
Ferrari (NASDAQ:RACE) has been given an average broker rating score of 1.33 (Strong Buy) from the three brokers that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a buy rating and two have issued a strong buy rating on the company. Ferrari’s rating score has improved by 24% from 90 days ago as a result of a number of analysts’ ratings changes.
Brokers have set a 1-year consensus price objective of $56.33 for the company and are predicting that the company will post $0.57 EPS for the current quarter, according to Zacks. Zacks has also given Ferrari an industry rank of 98 out of 265 based on the ratings given to its competitors.
Several analysts have recently weighed in on RACE shares. Morgan Stanley reissued an “overweight” rating on shares of Ferrari in a report on Wednesday, June 29th. Societe Generale started coverage on Ferrari in a research note on Thursday, October 13th. They issued a “sell” rating and a $45.00 price target on the stock. Finally, Zacks Investment Research raised Ferrari from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research note on Saturday, August 20th.
Hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. raised its stake in shares of Ferrari by 6.3% in the second quarter. Baillie Gifford & Co. now owns 13,077,533 shares of the company’s stock valued at $532,493,000 after buying an additional 772,620 shares in the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of Ferrari during the second quarter valued at about $7,080,000. Employees Retirement System of Texas acquired a new position in shares of Ferrari during the second quarter valued at about $3,602,000. Citigroup Inc. increased its position in shares of Ferrari by 53.7% in the second quarter. Citigroup Inc. now owns 215,110 shares of the company’s stock valued at $8,805,000 after buying an additional 75,128 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of Ferrari by 84.1% in the second quarter. Parametric Portfolio Associates LLC now owns 157,333 shares of the company’s stock valued at $6,440,000 after buying an additional 71,865 shares during the last quarter.
Ferrari (NASDAQ:RACE) opened at 52.40 on Friday. The company’s 50-day moving average price is $50.37 and its 200 day moving average price is $45.28. Ferrari has a 52 week low of $31.66 and a 52 week high of $60.97. The company has a market cap of $9.90 billion and a PE ratio of 27.49.
Ferrari (NASDAQ:RACE) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.08. On average, analysts anticipate that Ferrari will post $2.14 EPS for the current year.
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