Ferrari N.V. (NYSE:RACE) Receives Buy Rating from UBS AG
Ferrari N.V. (NYSE:RACE)‘s stock had its “buy” rating reiterated by UBS AG in a research note issued to investors on Wednesday. They currently have a $125.00 price target on the stock, up from their previous price target of $100.00. UBS AG’s price objective would suggest a potential upside of 12.96% from the stock’s previous close.
Other equities research analysts have also issued reports about the company. Zacks Investment Research lowered Ferrari N.V. from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $74.00 price objective on shares of Ferrari N.V. in a research note on Tuesday, April 18th. Morgan Stanley lowered their price objective on Ferrari N.V. from $100.00 to $72.00 and set an “overweight” rating for the company in a research note on Monday, May 8th. Bank of America Corporation raised their price objective on Ferrari N.V. from $82.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, May 5th. Finally, Kepler Capital Markets reaffirmed a “hold” rating on shares of Ferrari N.V. in a research note on Monday, May 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $91.67.
Shares of Ferrari N.V. (RACE) opened at 110.66 on Wednesday. The company has a 50-day moving average price of $94.83 and a 200-day moving average price of $78.60. Ferrari N.V. has a 52-week low of $46.39 and a 52-week high of $111.77. The company has a market cap of $20.89 billion, a P/E ratio of 37.33 and a beta of 1.82.
Ferrari N.V. (NYSE:RACE) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.13. The business had revenue of $1.01 billion during the quarter. Ferrari N.V. had a return on equity of 128.49% and a net margin of 14.43%. On average, equities analysts predict that Ferrari N.V. will post $3.09 EPS for the current year.
Large investors have recently modified their holdings of the stock. Geneva Advisors LLC raised its stake in shares of Ferrari N.V. by 234.4% in the second quarter. Geneva Advisors LLC now owns 19,845 shares of the company’s stock worth $1,707,000 after buying an additional 13,910 shares during the period. Victory Capital Management Inc. raised its stake in shares of Ferrari N.V. by 18,261.6% in the second quarter. Victory Capital Management Inc. now owns 314,167 shares of the company’s stock worth $27,024,000 after buying an additional 312,456 shares during the period. Redwood Investments LLC purchased a new stake in shares of Ferrari N.V. during the second quarter worth $1,165,000. BNP Paribas Arbitrage SA raised its stake in shares of Ferrari N.V. by 128.4% in the second quarter. BNP Paribas Arbitrage SA now owns 2,723 shares of the company’s stock worth $234,000 after buying an additional 1,531 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Ferrari N.V. by 124.2% in the second quarter. Bank of New York Mellon Corp now owns 811,847 shares of the company’s stock worth $69,836,000 after buying an additional 449,795 shares during the period. 32.54% of the stock is owned by institutional investors and hedge funds.
Ferrari N.V. Company Profile
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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