Morgan Stanley Issues Pessimistic Forecast for Ferrari (NYSE:RACE) Stock Price

Ferrari (NYSE:RACE) had its price objective dropped by Morgan Stanley from $460.00 to $456.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 13.48% from the company’s current price.

Several other research analysts have also recently issued reports on the stock. UBS Group restated a “buy” rating on shares of Ferrari in a report on Monday, September 21st. Wolfe Research began coverage on shares of Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating for the company. Sanford C. Bernstein raised their price target on shares of Ferrari from $402.00 to $460.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Finally, Evercore reiterated an “outperform” rating and set a $485.00 target price on shares of Ferrari in a report on Friday, July 31st. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $478.42.

Ferrari Trading Up 1.0%

NYSE RACE opened at $401.82 on Wednesday. Ferrari has a 1-year low of $312.51 and a 1-year high of $504.49. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. The stock has a 50-day moving average of $407.25 and a 200-day moving average of $370.15. The firm has a market cap of $94.00 billion, a PE ratio of 37.31, a price-to-earnings-growth ratio of 3.40 and a beta of 0.92.

Ferrari (NYSE:RACE) last issued its earnings results on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same period in the prior year, the business posted $2.38 EPS. Ferrari’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Ferrari will post 11.23 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new stake in shares of Ferrari during the 2nd quarter valued at about $952,874,000. Deutsche Bank AG bought a new position in Ferrari in the second quarter worth about $413,209,000. The Manufacturers Life Insurance Company purchased a new stake in Ferrari in the second quarter worth about $388,816,000. Legal & General Group Plc bought a new stake in Ferrari during the 2nd quarter valued at approximately $322,208,000. Finally, Bank of America Corp DE purchased a new position in shares of Ferrari during the 2nd quarter worth approximately $311,400,000.

Ferrari Company Profile

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its product portfolio includes mid- and front-engine sports cars, grand touring models, special-series vehicles and limited-edition automobiles. Ferrari also develops hybrid and other electrified models while maintaining a focus on performance, craftsmanship, design and exclusivity.

The company generates additional activities through its racing operations, vehicle personalization programs, financial services, merchandise, licensing and branded experiences.