JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Ferrari (NYSE:RACE) Stock

Ferrari (NYSE:RACE) had its price objective upped by research analysts at JPMorgan Chase & Co. from $407.00 to $447.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 22.48% from the stock’s current price.

RACE has been the subject of a number of other research reports. Sanford C. Bernstein reiterated an “outperform” rating and issued a $410.00 price objective on shares of Ferrari in a report on Wednesday, February 11th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Ferrari in a research report on Wednesday, February 11th. Zacks Research raised shares of Ferrari from a “strong sell” rating to a “hold” rating in a research report on Monday, February 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Ferrari in a research note on Monday, December 29th. Finally, Barclays set a $420.00 target price on shares of Ferrari and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and an average target price of $475.61.

Ferrari Stock Up 1.1%

RACE stock opened at $364.95 on Tuesday. Ferrari has a fifty-two week low of $328.00 and a fifty-two week high of $519.10. The company has a market capitalization of $85.38 billion, a price-to-earnings ratio of 36.09, a price-to-earnings-growth ratio of 3.52 and a beta of 0.97. The business’s 50 day moving average price is $359.62 and its two-hundred day moving average price is $403.95. The company has a debt-to-equity ratio of 0.74, a quick ratio of 4.38 and a current ratio of 5.70.

Hedge Funds Weigh In On Ferrari

A number of hedge funds have recently added to or reduced their stakes in RACE. Mather Group LLC. purchased a new stake in Ferrari during the 3rd quarter valued at $27,000. Westside Investment Management Inc. lifted its holdings in shares of Ferrari by 100.0% during the third quarter. Westside Investment Management Inc. now owns 56 shares of the company’s stock valued at $27,000 after purchasing an additional 28 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of Ferrari during the third quarter valued at $28,000. Newbridge Financial Services Group Inc. bought a new stake in Ferrari in the 2nd quarter worth about $30,000. Finally, Community Bank N.A. purchased a new position in Ferrari in the 3rd quarter worth about $33,000.

Ferrari Company Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.