JPMorgan Chase & Co. upgraded shares of Ferrari (NYSE:RACE – Free Report) from a neutral rating to an overweight rating in a research report report published on Friday morning, Marketbeat.com reports. The firm currently has $525.00 target price on the stock, up from their prior target price of $385.00.
Other equities research analysts have also issued research reports about the company. Morgan Stanley raised their price objective on Ferrari from $400.00 to $520.00 and gave the company an overweight rating in a research note on Tuesday, August 27th. UBS Group raised their price objective on Ferrari from $448.00 to $478.00 and gave the company a buy rating in a research note on Monday, June 24th. StockNews.com upgraded Ferrari from a hold rating to a buy rating in a research note on Monday, August 5th. Finally, Barclays upgraded Ferrari from an equal weight rating to an overweight rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $487.86.
Check Out Our Latest Stock Analysis on RACE
Ferrari Stock Performance
Ferrari (NYSE:RACE – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping the consensus estimate of $2.21 by $0.08. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm’s revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.99 earnings per share. As a group, research analysts forecast that Ferrari will post 8.81 earnings per share for the current year.
Hedge Funds Weigh In On Ferrari
A number of hedge funds have recently modified their holdings of the stock. Creative Planning boosted its position in shares of Ferrari by 20.6% in the third quarter. Creative Planning now owns 13,221 shares of the company’s stock worth $6,215,000 after buying an additional 2,262 shares during the period. Wesbanco Bank Inc. acquired a new stake in shares of Ferrari in the third quarter worth $517,000. Procyon Advisors LLC boosted its position in shares of Ferrari by 108.5% in the third quarter. Procyon Advisors LLC now owns 1,749 shares of the company’s stock worth $771,000 after buying an additional 910 shares during the period. Redhawk Wealth Advisors Inc. boosted its position in shares of Ferrari by 4.6% in the third quarter. Redhawk Wealth Advisors Inc. now owns 3,847 shares of the company’s stock worth $1,809,000 after buying an additional 170 shares during the period. Finally, Ritholtz Wealth Management acquired a new stake in shares of Ferrari in the third quarter worth $224,000.
Ferrari Company Profile
Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.
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