Bank of America Increases Ferrari (NYSE:RACE) Price Target to $512.00

Ferrari (NYSE:RACE) had its price objective hoisted by research analysts at Bank of America from $458.00 to $512.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 21.79% from the stock’s current price.

Other research analysts also recently issued reports about the stock. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. HSBC downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, December 13th. BNP Paribas downgraded shares of Ferrari from an “outperform” rating to a “neutral” rating in a research note on Wednesday, December 13th. Finally, UBS Group increased their price objective on shares of Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $363.57.

Ferrari Price Performance

Shares of RACE stock opened at $420.38 on Wednesday. The firm has a fifty day simple moving average of $413.32 and a 200-day simple moving average of $361.95. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91. Ferrari has a twelve month low of $272.70 and a twelve month high of $442.80.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.15. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.61 billion. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. Equities analysts expect that Ferrari will post 8.31 EPS for the current year.

Institutional Trading of Ferrari

Institutional investors and hedge funds have recently modified their holdings of the business. Jamison Private Wealth Management Inc. acquired a new stake in shares of Ferrari during the fourth quarter worth $27,000. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Ferrari in the 2nd quarter worth about $33,000. Householder Group Estate & Retirement Specialist LLC increased its holdings in shares of Ferrari by 320.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after acquiring an additional 80 shares during the period. Blue Trust Inc. increased its holdings in shares of Ferrari by 37.0% in the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Ferrari in the 4th quarter worth about $43,000.

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.