Ferrari (RACE) Receives “Buy” Rating from Berenberg Bank
Several other research analysts also recently issued reports on RACE. Morgan Stanley restated an overweight rating and set a $56.00 price objective (up from $54.00) on shares of Ferrari in a research report on Wednesday, August 17th. Zacks Investment Research raised shares of Ferrari from a hold rating to a buy rating and set a $54.00 target price for the company in a research note on Saturday, August 20th. Societe Generale began coverage on shares of Ferrari in a research note on Thursday, October 13th. They issued a sell rating and a $45.00 target price for the company. Citigroup Inc. reaffirmed a neutral rating on shares of Ferrari in a research note on Friday, October 21st. Finally, Evercore ISI raised shares of Ferrari from a sell rating to a hold rating in a research note on Tuesday, November 8th. 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 company has a consensus rating of Hold and a consensus target price of $51.67.
Shares of Ferrari (NASDAQ:RACE) opened at 53.77 on Monday. Ferrari has a 52 week low of $31.66 and a 52 week high of $54.99. The stock has a 50 day moving average price of $53.11 and a 200 day moving average price of $47.34. The firm has a market capitalization of $10.16 billion and a PE ratio of 28.06.
Ferrari (NASDAQ:RACE) last issued its quarterly earnings data on Monday, November 7th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.06. The company had revenue of $783 million for the quarter, compared to analyst estimates of $826.93 million. The business’s quarterly revenue was up 8.3% on a year-over-year basis. Equities analysts forecast that Ferrari will post $2.18 earnings per share for the current fiscal year.
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Hedge funds have recently made changes to their positions in the stock. 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 in the last quarter. Edmond DE Rothschild Monaco bought a new stake in shares of Ferrari during the third quarter valued at about $143,000. Nikko Asset Management Americas Inc. bought a new stake in shares of Ferrari during the third quarter valued at about $145,000. 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 in the last quarter. Finally, Cetera Advisor Networks LLC bought a new stake in shares of Ferrari during the third quarter valued at about $264,000.
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