Ferrari (RACE) Price Target Raised to $158.00 at Credit Suisse Group

Ferrari (NYSE:RACE) had its price target lifted by analysts at Credit Suisse Group from $148.00 to $158.00 in a research note issued to investors on Wednesday, May 8th, The Fly reports. The brokerage presently has an “outperform” rating on the stock. Credit Suisse Group’s target price would suggest a potential upside of 10.47% from the company’s previous close.

RACE has been the subject of several other research reports. ValuEngine cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. HSBC cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Zacks Investment Research cut shares of Ferrari from a “hold” rating to a “sell” rating in a research note on Friday, January 25th. Finally, Sanford C. Bernstein upgraded shares of Ferrari from an “underperform” rating to a “market perform” rating and set a $112.29 target price for the company in a research note on Tuesday, January 15th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $141.26.

Shares of NYSE:RACE opened at $143.02 on Wednesday. The company has a current ratio of 4.27, a quick ratio of 3.67 and a debt-to-equity ratio of 1.39. The company has a market capitalization of $27.03 billion, a price-to-earnings ratio of 35.58, a PEG ratio of 2.17 and a beta of 1.53. Ferrari has a 52 week low of $93.85 and a 52 week high of $149.85.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, May 7th. The company reported $0.95 EPS for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.06. The firm had revenue of $940.00 million for the quarter, compared to the consensus estimate of $868.32 million. Ferrari had a net margin of 23.17% and a return on equity of 53.74%. The company’s revenue was up 13.1% on a year-over-year basis. During the same period last year, the firm posted $0.78 EPS. On average, research analysts forecast that Ferrari will post 4.01 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in RACE. Norges Bank purchased a new position in Ferrari during the 4th quarter valued at about $186,544,000. Comgest Global Investors S.A.S. purchased a new position in Ferrari during the 1st quarter valued at about $135,097,000. Canada Pension Plan Investment Board increased its holdings in Ferrari by 23.5% during the 4th quarter. Canada Pension Plan Investment Board now owns 3,402,871 shares of the company’s stock valued at $337,545,000 after acquiring an additional 647,066 shares in the last quarter. BlackRock Inc. increased its holdings in Ferrari by 4,234.9% during the 1st quarter. BlackRock Inc. now owns 567,963 shares of the company’s stock valued at $75,994,000 after acquiring an additional 554,861 shares in the last quarter. Finally, FMR LLC increased its holdings in Ferrari by 76.5% during the 4th quarter. FMR LLC now owns 1,028,071 shares of the company’s stock valued at $102,223,000 after acquiring an additional 445,583 shares in the last quarter. Hedge funds and other institutional investors own 36.00% of the company’s stock.

Ferrari Company Profile

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

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