Ferrari (NYSE:RACE) Price Target Raised to $565.00 at Evercore ISI

Ferrari (NYSE:RACE) had its price objective lifted by Evercore ISI from $475.00 to $565.00 in a report published on Tuesday, Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

A number of other analysts have also recently issued reports on RACE. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley raised 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. UBS Group lifted their price objective on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $385.00 to $525.00 in a report on Friday, October 11th. Finally, Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Ferrari currently has a consensus rating of “Moderate Buy” and an average target price of $502.14.

Ferrari Price Performance

NYSE RACE opened at $478.51 on Tuesday. The business has a 50 day simple moving average of $471.54 and a 200 day simple moving average of $436.50. Ferrari has a 52-week low of $296.34 and a 52-week high of $498.23. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last posted its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business earned $1.99 EPS. Ferrari’s revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, analysts forecast that Ferrari will post 8.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Ferrari

Several institutional investors and hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC increased its holdings in shares of Ferrari by 47,023.5% in the third quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after purchasing an additional 1,178,410 shares during the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Ferrari by 95.5% in the third quarter. Bank Pictet & Cie Europe AG now owns 2,444 shares of the company’s stock valued at $1,145,000 after purchasing an additional 1,194 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in shares of Ferrari in the third quarter valued at about $47,000. Signaturefd LLC boosted its position in shares of Ferrari by 10.4% in the third quarter. Signaturefd LLC now owns 3,064 shares of the company’s stock valued at $1,440,000 after acquiring an additional 288 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its position in shares of Ferrari by 1.2% in the third quarter. Sequoia Financial Advisors LLC now owns 4,362 shares of the company’s stock valued at $2,051,000 after acquiring an additional 53 shares during the period.

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.