Ferrari N.V. (RACE) Stock Rating Lowered by Morgan Stanley
Ferrari N.V. (NYSE:RACE) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “underweight” rating in a research note issued on Thursday, MarketBeat Ratings reports. They currently have a $100.00 price target on the stock. Morgan Stanley’s target price indicates a potential downside of 8.56% from the stock’s previous close.
A number of other research firms also recently issued reports on RACE. Zacks Investment Research downgraded Ferrari N.V. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 11th. Berenberg Bank reiterated a “buy” rating on shares of Ferrari N.V. in a report on Monday, August 14th. Bank of America Corporation increased their price objective on Ferrari N.V. from $82.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, May 15th. UBS AG reiterated a “buy” rating and set a $125.00 price objective (up from $100.00) on shares of Ferrari N.V. in a report on Thursday, August 3rd. Finally, Evercore ISI raised their price target on Ferrari N.V. from $46.00 to $105.00 and gave the company an “in-line” rating in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $97.57.
Shares of Ferrari N.V. (RACE) opened at 109.36 on Thursday. The company has a market cap of $20.66 billion, a PE ratio of 36.61 and a beta of 1.78. Ferrari N.V. has a 52 week low of $46.39 and a 52 week high of $118.10. The company has a 50 day moving average price of $110.19 and a 200 day moving average price of $87.00.
Ferrari N.V. (NYSE:RACE) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ 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 expect that Ferrari N.V. will post $3.23 earnings per share for the current year.
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A number of hedge funds have recently bought and sold shares of RACE. JPMorgan Chase & Co. grew its stake in Ferrari N.V. by 102.8% in the first quarter. JPMorgan Chase & Co. now owns 1,830,812 shares of the company’s stock valued at $136,139,000 after purchasing an additional 928,230 shares in the last quarter. AQR Capital Management LLC grew its stake in Ferrari N.V. by 272.9% in the first quarter. AQR Capital Management LLC now owns 934,215 shares of the company’s stock valued at $69,693,000 after purchasing an additional 683,686 shares in the last quarter. Bank of New York Mellon Corp grew its stake in 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 valued at $69,836,000 after purchasing an additional 449,795 shares in the last quarter. Capital Growth Management LP bought a new position in Ferrari N.V. in the second quarter valued at approximately $37,849,000. Finally, Credit Suisse AG grew its stake in Ferrari N.V. by 44.4% in the first quarter. Credit Suisse AG now owns 1,038,800 shares of the company’s stock valued at $77,246,000 after purchasing an additional 319,185 shares in the last quarter. Hedge funds and other institutional investors own 29.78% of the company’s stock.
About Ferrari N.V.
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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