JPMorgan Chase & Co. Cuts Ferrari (NYSE:RACE) Price Target to $457.00

Ferrari (NYSE:RACE) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $460.00 to $457.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 7.07% from the stock’s current price.

Several other research firms have also issued reports on RACE. Deutsche Bank Aktiengesellschaft raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, September 2nd. Citigroup dropped their target price on Ferrari from $579.00 to $529.00 and set a “buy” rating on the stock in a report on Thursday, October 16th. HSBC raised shares of Ferrari from a “hold” rating to a “buy” rating and set a $470.00 price target for the company in a report on Thursday, October 2nd. Evercore ISI decreased their price objective on shares of Ferrari from $580.00 to $475.00 and set an “outperform” rating for the company in a research report on Friday, October 31st. Finally, Hsbc Global Res upgraded Ferrari from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $504.29.

Ferrari Price Performance

Shares of RACE traded up $4.36 during mid-day trading on Wednesday, reaching $426.82. 451,698 shares of the company’s stock were exchanged, compared to its average volume of 502,068. The company has a quick ratio of 3.78, a current ratio of 4.90 and a debt-to-equity ratio of 0.76. Ferrari has a 52-week low of $372.31 and a 52-week high of $519.10. The company has a market cap of $103.45 billion, a price-to-earnings ratio of 43.11, a PEG ratio of 4.52 and a beta of 1.07. The company has a 50-day simple moving average of $443.51 and a two-hundred day simple moving average of $465.86.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 4th. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.15. The firm had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Ferrari had a return on equity of 44.20% and a net margin of 22.65%. Ferrari has set its FY 2025 guidance at 10.290- EPS. On average, sell-side analysts predict that Ferrari will post 9.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Ferrari

A number of hedge funds and other institutional investors have recently modified their holdings of RACE. Sound View Wealth Advisors Group LLC lifted its stake in Ferrari by 1.0% in the 1st quarter. Sound View Wealth Advisors Group LLC now owns 2,198 shares of the company’s stock worth $940,000 after acquiring an additional 21 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Ferrari by 41.2% during the second quarter. GAMMA Investing LLC now owns 72 shares of the company’s stock valued at $35,000 after acquiring an additional 21 shares during the period. Benjamin Edwards Inc. lifted its stake in shares of Ferrari by 3.7% in the 2nd quarter. Benjamin Edwards Inc. now owns 613 shares of the company’s stock valued at $299,000 after purchasing an additional 22 shares during the period. Allworth Financial LP boosted its position in shares of Ferrari by 7.5% in the 2nd quarter. Allworth Financial LP now owns 330 shares of the company’s stock worth $162,000 after purchasing an additional 23 shares during the last quarter. Finally, Valeo Financial Advisors LLC increased its holdings in Ferrari by 2.2% in the second quarter. Valeo Financial Advisors LLC now owns 1,086 shares of the company’s stock valued at $532,000 after purchasing an additional 23 shares during the last quarter.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.