Ferrari (RACE) Price Target Raised to $105.00 at Morgan Stanley

Ferrari (NYSE:RACE) had its price target hoisted by research analysts at Morgan Stanley from $100.00 to $105.00 in a research report issued on Wednesday. The firm presently has an “underweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 15.68% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. Zacks Investment Research cut shares of Ferrari from a “buy” rating to a “sell” rating in a research report on Thursday, February 8th. HSBC began coverage on shares of Ferrari in a research report on Monday, December 11th. They issued a “hold” rating for the company. Jefferies Group boosted their target price on shares of Ferrari to $130.00 and gave the company a “buy” rating in a research report on Friday, December 8th. BidaskClub cut shares of Ferrari from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. Finally, TheStreet upgraded shares of Ferrari from a “c” rating to a “b-” rating in a research report on Friday, October 20th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Ferrari currently has a consensus rating of “Hold” and an average price target of $118.57.

Shares of Ferrari (NYSE:RACE) traded up $0.76 during trading hours on Wednesday, hitting $124.53. 258,036 shares of the stock traded hands, compared to its average volume of 668,785. The firm has a market cap of $23,390.00 and a PE ratio of 38.42. The company has a quick ratio of 2.68, a current ratio of 3.26 and a debt-to-equity ratio of 2.77. Ferrari has a one year low of $64.76 and a one year high of $130.63.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, February 1st. The company reported $0.84 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.03). The firm had revenue of $840.00 million during the quarter, compared to analyst estimates of $869.74 million. Ferrari had a net margin of 15.74% and a return on equity of 98.82%. Ferrari’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 earnings per share. sell-side analysts forecast that Ferrari will post 3.59 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. Financial Gravity Companies Inc. acquired a new position in Ferrari during the 4th quarter worth approximately $104,000. Parallel Advisors LLC increased its position in Ferrari by 554.3% during the 3rd quarter. Parallel Advisors LLC now owns 1,060 shares of the company’s stock worth $117,000 after purchasing an additional 898 shares in the last quarter. Shine Investment Advisory Services Inc. acquired a new position in Ferrari during the 4th quarter worth approximately $116,000. Cerebellum GP LLC acquired a new position in Ferrari during the 4th quarter worth approximately $125,000. Finally, Cornerstone Advisors Inc. increased its position in Ferrari by 678.6% during the 3rd quarter. Cornerstone Advisors Inc. now owns 1,526 shares of the company’s stock worth $169,000 after purchasing an additional 1,330 shares in the last quarter. Institutional investors and hedge funds own 31.93% of the company’s stock.

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About Ferrari

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.

Analyst Recommendations for Ferrari (NYSE:RACE)

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