Ferrari (RACE) Cut to Hold at ValuEngine

ValuEngine downgraded shares of Ferrari (NYSE:RACE) from a buy rating to a hold rating in a research note published on Tuesday.

A number of other equities research analysts have also recently commented on RACE. Zacks Investment Research cut shares of Ferrari from a strong-buy rating to a sell rating in a research note on Wednesday, July 4th. Morgan Stanley raised shares of Ferrari from an underweight rating to an equal weight rating and increased their price objective for the company from $110.00 to $120.00 in a research note on Thursday, August 2nd. HSBC raised shares of Ferrari from a hold rating to a buy rating in a research note on Wednesday, August 29th. Credit Suisse Group increased their price objective on shares of Ferrari from $156.00 to $160.00 and gave the company an outperform rating in a research note on Thursday, September 20th. Finally, Societe Generale raised shares of Ferrari from a sell rating to a hold rating and increased their price objective for the company from $94.00 to $130.00 in a research note on Wednesday, October 10th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $145.67.

NYSE RACE traded up $2.68 during trading hours on Tuesday, reaching $116.93. The company’s stock had a trading volume of 12,654 shares, compared to its average volume of 763,129. The stock has a market cap of $22.47 billion, a price-to-earnings ratio of 36.68, a PEG ratio of 2.19 and a beta of 1.19. Ferrari has a fifty-two week low of $103.65 and a fifty-two week high of $149.85. The company has a current ratio of 3.36, a quick ratio of 2.71 and a debt-to-equity ratio of 2.00.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Wednesday, August 1st. The company reported $1.00 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.10. The firm had revenue of $906.00 million for the quarter, compared to analysts’ expectations of $925.46 million. Ferrari had a net margin of 17.18% and a return on equity of 72.38%. The firm’s revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.72 EPS. As a group, research analysts expect that Ferrari will post 3.36 earnings per share for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Partners Capital Investment Group LLP boosted its stake in shares of Ferrari by 26.2% during the 2nd quarter. Partners Capital Investment Group LLP now owns 30,022 shares of the company’s stock worth $4,053,000 after purchasing an additional 6,225 shares during the last quarter. Geneva Partners LLC acquired a new stake in shares of Ferrari during the 2nd quarter worth about $397,000. CIBC Private Wealth Group LLC boosted its stake in shares of Ferrari by 22.9% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 14,486 shares of the company’s stock worth $1,956,000 after purchasing an additional 2,695 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Ferrari during the 2nd quarter worth about $272,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Ferrari during the 2nd quarter worth about $4,199,000. 34.26% of the stock is currently owned by institutional investors.

Ferrari Company Profile

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports cars, GT cars, special series cars, limited edition supercars, limited editions series, and one-off cars; and open air roadsters and two-seater mid-rear-engined roadsters.

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Analyst Recommendations for Ferrari (NYSE:RACE)

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