Ferrari (NYSE:RACE) Lifted to Buy at Goldman Sachs Group

Goldman Sachs Group upgraded shares of Ferrari (NYSE:RACE) from a neutral rating to a buy rating in a research report released on Tuesday, 24/7 WallStreet reports. They currently have $182.00 price target on the stock.

Other research analysts have also issued reports about the stock. Credit Suisse Group reissued an outperform rating and issued a $185.00 target price (up from $158.00) on shares of Ferrari in a research note on Thursday, June 20th. Evercore ISI raised shares of Ferrari from an in-line rating to an outperform rating in a research note on Thursday, May 23rd. Redburn Partners started coverage on shares of Ferrari in a research note on Wednesday, June 5th. They issued a neutral rating and a $143.04 target price on the stock. Morgan Stanley raised their target price on shares of Ferrari from $160.00 to $175.00 and gave the stock an overweight rating in a research note on Wednesday, August 7th. Finally, UBS Group raised their target price on shares of Ferrari from $160.00 to $187.00 and gave the stock a buy rating in a research note on Wednesday, July 3rd. They noted that the move was a valuation call. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $168.48.

RACE stock opened at $155.83 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 12-month low of $93.85 and a 12-month high of $170.54. The stock has a market cap of $29.46 billion, a price-to-earnings ratio of 37.03, a PEG ratio of 2.36 and a beta of 1.34. The business’s 50-day moving average is $163.54 and its 200 day moving average is $144.21.

Ferrari (NYSE:RACE) last posted its quarterly earnings data 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 return on equity of 50.99% and a net margin of 23.42%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.08 billion. As a group, equities analysts forecast that Ferrari will post 4.03 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RACE. Commonwealth Bank of Australia raised its position in shares of Ferrari by 44.4% during the 2nd 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 period. Atlas Capital Advisors LLC raised its position in shares of Ferrari by 63.4% during the 2nd 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 period. San Francisco Sentry Investment Group CA raised its position in shares of Ferrari by 1.9% during the 2nd quarter. San Francisco Sentry Investment Group CA now owns 5,407 shares of the company’s stock valued at $878,000 after buying an additional 100 shares during the period. Riverhead Capital Management LLC raised its position in shares of Ferrari by 8.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,250 shares of the company’s stock valued at $203,000 after buying an additional 100 shares during the period. Finally, Meadow Creek Investment Management LLC raised its position in shares of Ferrari by 16.7% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 784 shares of the company’s stock valued at $127,000 after buying an additional 112 shares during the period. 35.80% of the stock is currently 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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