JPMorgan Chase & Co. Cuts Ferrari (NYSE:RACE) Price Target to $457.00

Ferrari (NYSE:RACE) had its target price trimmed by JPMorgan Chase & Co. from $460.00 to $457.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts also recently weighed in on the stock. Zacks Research downgraded shares of Ferrari from a “strong-buy” rating to a “hold” rating in a report on Friday, August 29th. Royal Bank Of Canada restated an “outperform” rating on shares of Ferrari in a report on Monday, August 4th. Evercore ISI reduced their price target on Ferrari from $580.00 to $475.00 and set an “outperform” rating for the company in a research report on Friday, October 31st. Berenberg Bank set a $570.00 price objective on Ferrari in a report on Friday, October 3rd. Finally, UBS Group boosted their target price on Ferrari from $529.00 to $554.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Ferrari has an average rating of “Buy” and a consensus price target of $504.29.

Ferrari Trading Down 0.2%

NYSE RACE opened at $417.16 on Wednesday. The company has a current ratio of 4.90, a quick ratio of 3.78 and a debt-to-equity ratio of 0.76. Ferrari has a 1-year low of $372.31 and a 1-year high of $519.10. The firm’s fifty day simple moving average is $439.00 and its 200-day simple moving average is $464.92. The company has a market capitalization of $101.11 billion, a PE ratio of 42.14, a price-to-earnings-growth ratio of 4.59 and a beta of 1.07.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.15. Ferrari had a return on equity of 44.20% and a net margin of 22.65%.The business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.94 billion. Ferrari has set its FY 2025 guidance at 10.290- EPS. As a group, sell-side analysts anticipate that Ferrari will post 9.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ferrari

A number of hedge funds and other institutional investors have recently made changes to their positions in RACE. Mather Group LLC. acquired a new position in Ferrari during the 3rd quarter worth $27,000. Westside Investment Management Inc. raised its position in shares of Ferrari by 100.0% during the third quarter. Westside Investment Management Inc. now owns 56 shares of the company’s stock worth $27,000 after acquiring an additional 28 shares during the last quarter. Root Financial Partners LLC acquired a new position in shares of Ferrari during the third quarter valued at $28,000. Newbridge Financial Services Group Inc. bought a new position in Ferrari in the second quarter valued at about $30,000. Finally, GW&K Investment Management LLC increased its position in Ferrari by 288.9% in the first quarter. GW&K Investment Management LLC now owns 70 shares of the company’s stock worth $30,000 after purchasing an additional 52 shares during the period.

About Ferrari

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.