Royal Bank of Canada Begins Coverage on Ferrari (NYSE:RACE)

Royal Bank of Canada assumed coverage on shares of Ferrari (NYSE:RACE) in a research report report published on Wednesday, The Fly reports. The firm issued an outperform rating on the stock.

A number of other equities research analysts have also commented on the company. CSFB lowered their price target on Ferrari from $205.00 to $198.00 and set an outperform rating for the company in a research report on Tuesday, May 5th. HSBC reissued a buy rating on shares of Ferrari in a research report on Thursday, May 7th. Zacks Investment Research raised Ferrari from a sell rating to a hold rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. increased their price target on Ferrari from $133.00 to $145.00 and gave the company a neutral rating in a research report on Friday, June 19th. Finally, Jefferies Financial Group lowered Ferrari from a hold rating to an underperform rating and set a $108.00 price target for the company. in a research report on Tuesday, April 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $177.00.

Shares of RACE opened at $179.00 on Wednesday. The company has a market cap of $32.90 billion, a PE ratio of 43.52, a P/E/G ratio of 5.08 and a beta of 0.92. The company has a debt-to-equity ratio of 1.39, a current ratio of 3.98 and a quick ratio of 3.39. Ferrari has a one year low of $127.73 and a one year high of $180.95. The stock has a 50-day moving average of $169.43 and a 200-day moving average of $162.30.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.90 by $0.09. Ferrari had a return on equity of 47.13% and a net margin of 18.23%. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $852.32 million. Analysts expect that Ferrari will post 3 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Ferrari during the 4th quarter worth $194,265,000. Third Point LLC grew its stake in shares of Ferrari by 623.3% during the 1st quarter. Third Point LLC now owns 1,085,000 shares of the company’s stock worth $165,538,000 after acquiring an additional 935,000 shares during the period. WCM Investment Management LLC bought a new position in shares of Ferrari during the 1st quarter worth $115,760,000. Marshall Wace LLP grew its stake in shares of Ferrari by 76.8% during the 4th quarter. Marshall Wace LLP now owns 620,110 shares of the company’s stock worth $102,943,000 after acquiring an additional 269,340 shares during the period. Finally, AXA grew its stake in shares of Ferrari by 23.6% during the 1st quarter. AXA now owns 1,133,511 shares of the company’s stock worth $172,939,000 after acquiring an additional 216,539 shares during the period. 34.09% of the stock is owned by hedge funds and other institutional investors.

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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