JPMorgan Chase & Co. Lowers Ferrari (NYSE:RACE) Price Target to $460.00

Ferrari (NYSE:RACE) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $525.00 to $460.00 in a research report issued on Thursday, MarketBeat Ratings reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 6.99% from the stock’s previous close.

RACE has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average target price of $497.86.

Ferrari Stock Performance

NYSE:RACE opened at $429.93 on Thursday. Ferrari has a 1-year low of $399.27 and a 1-year high of $509.13. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The business has a 50 day moving average of $456.00 and a 200 day moving average of $452.46. The company has a market capitalization of $104.21 billion, a price-to-earnings ratio of 46.99, a PEG ratio of 4.43 and a beta of 0.94.

Hedge Funds Weigh In On Ferrari

Several hedge funds and other institutional investors have recently modified their holdings of RACE. Wealth Enhancement Advisory Services LLC grew its stake in shares of Ferrari by 43.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,367 shares of the company’s stock worth $1,430,000 after purchasing an additional 1,022 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in Ferrari in the 4th quarter worth approximately $18,276,000. Park Square Financial Group LLC bought a new stake in shares of Ferrari in the 4th quarter worth approximately $32,000. Brucke Financial Inc. purchased a new position in shares of Ferrari during the fourth quarter valued at approximately $502,000. Finally, Jefferies Financial Group Inc. raised its holdings in shares of Ferrari by 113.4% during the fourth quarter. Jefferies Financial Group Inc. now owns 6,615 shares of the company’s stock valued at $2,825,000 after acquiring an additional 56,008 shares in the last quarter.

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.