Ferrari (NYSE:RACE) Upgraded to “Hold” at Zacks Investment Research

Ferrari (NYSE:RACEGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy. “

A number of other brokerages have also recently issued reports on RACE. BNP Paribas upgraded Ferrari from a “neutral” rating to an “outperform” rating and set a $255.00 target price on the stock in a report on Tuesday, April 12th. UBS Group lifted their price target on Ferrari from $260.00 to $263.00 and gave the company a “buy” rating in a report on Monday, April 4th. Exane BNP Paribas upgraded Ferrari from a “neutral” rating to an “outperform” rating and set a €255.00 ($271.28) price target on the stock in a report on Tuesday, April 12th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, April 27th. Finally, JPMorgan Chase & Co. reduced their price objective on Ferrari from $230.00 to $210.00 in a research report on Monday, April 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $251.20.

Shares of NYSE RACE opened at $191.04 on Thursday. The company has a quick ratio of 3.24, a current ratio of 3.82 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $35.29 billion, a price-to-earnings ratio of 35.18, a PEG ratio of 3.41 and a beta of 0.94. The stock’s fifty day simple moving average is $208.80 and its 200 day simple moving average is $229.17. Ferrari has a 52-week low of $178.87 and a 52-week high of $278.78.

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Ferrari by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 4,242,136 shares of the company’s stock valued at $925,168,000 after purchasing an additional 151,938 shares during the period. WCM Investment Management LLC lifted its stake in shares of Ferrari by 1.9% in the 4th quarter. WCM Investment Management LLC now owns 2,430,951 shares of the company’s stock valued at $629,179,000 after purchasing an additional 44,907 shares during the period. Darsana Capital Partners LP lifted its stake in shares of Ferrari by 20.0% in the 3rd quarter. Darsana Capital Partners LP now owns 1,500,000 shares of the company’s stock valued at $313,680,000 after purchasing an additional 250,000 shares during the period. Morgan Stanley lifted its stake in shares of Ferrari by 19.8% in the 3rd quarter. Morgan Stanley now owns 1,494,669 shares of the company’s stock valued at $312,566,000 after purchasing an additional 247,105 shares during the period. Finally, Norges Bank acquired a new position in shares of Ferrari in the 4th quarter valued at $374,511,000. 38.36% of the stock is currently owned by institutional investors.

About Ferrari (Get Rating)

Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hyper cars; one-off and track cars; and Icona cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

Featured Articles

Get a free copy of the Zacks research report on Ferrari (RACE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Ferrari (NYSE:RACE)

Receive News & Ratings for Ferrari Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ferrari and related companies with MarketBeat.com's FREE daily email newsletter.