Ferrari (NYSE:RACE) Upgraded to “Buy” at Goldman Sachs Group

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Goldman Sachs Group upgraded shares of Ferrari (NYSE:RACE) from a neutral rating to a buy rating in a research report report published on Tuesday, The Fly reports.

Several other brokerages have also recently issued reports on RACE. Morgan Stanley increased their target price on shares of Ferrari from $160.00 to $175.00 and gave the stock an overweight rating in a report on Wednesday, August 7th. Societe Generale upgraded shares of Ferrari from a hold rating to a buy rating in a report on Monday, August 5th. Evercore ISI upgraded shares of Ferrari from an in-line rating to an outperform rating in a report on Thursday, May 23rd. Bank of America increased their price target on shares of Ferrari from $150.00 to $225.00 and gave the company a buy rating in a research report on Thursday, July 18th. Finally, ValuEngine lowered shares of Ferrari from a buy rating to a hold rating in a research report on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $166.93.

Shares of Ferrari stock opened at $160.82 on Tuesday. The company has a current ratio of 3.77, a quick ratio of 3.20 and a debt-to-equity ratio of 1.48. Ferrari has a 1 year low of $93.85 and a 1 year high of $170.54. The business’s 50-day simple moving average is $163.80. The company has a market cap of $30.38 billion, a PE ratio of 40.00, a price-to-earnings-growth ratio of 2.31 and a beta of 1.34.

Ferrari (NYSE:RACE) last issued its earnings results on Friday, August 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.06. Ferrari had a net margin of 23.42% and a return on equity of 50.99%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Research analysts predict that Ferrari will post 4.19 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in RACE. Ellis Investment Partners LLC purchased a new stake in shares of Ferrari during the first quarter valued at about $27,000. Atlas Capital Advisors LLC lifted its position in shares of Ferrari by 63.4% during the second quarter. Atlas Capital Advisors LLC now owns 219 shares of the company’s stock valued at $36,000 after buying an additional 85 shares during the last quarter. Commonwealth Bank of Australia lifted its position in shares of Ferrari by 44.4% during the second quarter. Commonwealth Bank of Australia now owns 231 shares of the company’s stock valued at $36,000 after buying an additional 71 shares during the last quarter. Advisory Services Network LLC lifted its position in shares of Ferrari by 121.6% during the second quarter. Advisory Services Network LLC now owns 246 shares of the company’s stock valued at $40,000 after buying an additional 135 shares during the last quarter. Finally, Capital Advisors Ltd. LLC purchased a new stake in shares of Ferrari during the first quarter valued at about $48,000. 35.80% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Ferrari (NYSE:RACE)

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