Ferrari (NYSE:RACE) Rating Increased to Buy at Goldman Sachs Group

Ferrari (NYSE:RACE) was upgraded by research analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, The Fly reports.

A number of other equities research analysts have also recently commented on RACE. Redburn Partners initiated coverage on Ferrari in a report on Wednesday, June 5th. They set a “neutral” rating and a $143.04 target price on the stock. Credit Suisse Group restated an “outperform” rating and set a $185.00 price objective (up previously from $158.00) on shares of Ferrari in a report on Thursday, June 20th. ValuEngine cut Ferrari from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. Bank of America raised their price objective on Ferrari from $150.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, HSBC cut Ferrari from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Ferrari has a consensus rating of “Buy” and a consensus target price of $166.93.

NYSE:RACE traded up $2.81 during trading hours on Tuesday, reaching $160.82. 196,410 shares of the company traded hands, compared to its average volume of 414,836. The firm’s 50-day simple moving average is $163.80. The stock has a market capitalization of $30.38 billion, a PE ratio of 40.00, a P/E/G ratio of 2.31 and a beta of 1.34. The company has a debt-to-equity ratio of 1.48, a quick ratio of 3.20 and a current ratio of 3.77. Ferrari has a 1-year low of $93.85 and a 1-year high of $170.54.

Ferrari (NYSE:RACE) last announced its earnings results on Friday, August 2nd. The company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.06. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Ferrari had a return on equity of 50.99% and a net margin of 23.42%. As a group, sell-side analysts predict that Ferrari will post 4.19 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of RACE. Comgest Global Investors S.A.S. purchased a new position in shares of Ferrari in the 1st quarter worth $135,097,000. BlackRock Inc. raised its position in shares of Ferrari by 74.5% in the 2nd quarter. BlackRock Inc. now owns 991,102 shares of the company’s stock worth $159,984,000 after buying an additional 423,139 shares during the period. GQG Partners LLC purchased a new position in shares of Ferrari in the 1st quarter worth $23,625,000. GAM Holding AG raised its position in shares of Ferrari by 134.7% in the 2nd quarter. GAM Holding AG now owns 240,554 shares of the company’s stock worth $39,089,000 after buying an additional 138,067 shares during the period. Finally, AKO Capital LLP raised its position in shares of Ferrari by 4.3% in the 1st quarter. AKO Capital LLP now owns 3,187,667 shares of the company’s stock worth $427,150,000 after buying an additional 132,631 shares during the period. 35.80% of the stock is currently owned by institutional investors and hedge funds.

About Ferrari

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

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