Ferrari (NYSE:RACE) Stock Price Expected to Rise, UBS Group Analyst Says

Ferrari (NYSE:RACE) had its price objective hoisted by equities researchers at UBS Group from $478.00 to $513.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price target suggests a potential upside of 13.23% from the stock’s current price.

A number of other brokerages have also issued reports on RACE. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Evercore ISI raised their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their target price for the company from $385.00 to $525.00 in a research note on Friday, October 11th. Finally, Morgan Stanley upped their price target on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

RACE stock opened at $453.05 on Wednesday. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The stock’s fifty day moving average is $472.17 and its two-hundred day moving average is $440.93.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the prior year, the business earned $1.98 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, research analysts forecast that Ferrari will post 8.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Ferrari by 16.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,702 shares of the company’s stock worth $742,000 after acquiring an additional 235 shares in the last quarter. Mutual of America Capital Management LLC acquired a new position in shares of Ferrari during the first quarter worth approximately $4,798,000. GSA Capital Partners LLP bought a new stake in shares of Ferrari in the first quarter valued at approximately $854,000. Rehmann Capital Advisory Group increased its position in Ferrari by 5.6% during the first quarter. Rehmann Capital Advisory Group now owns 645 shares of the company’s stock worth $281,000 after acquiring an additional 34 shares during the period. Finally, Mediolanum International Funds Ltd acquired a new position in Ferrari during the 1st quarter valued at $1,146,000.

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.