Ferrari (NYSE:RACE) Upgraded at JPMorgan Chase & Co.

Ferrari (NYSE:RACE) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Friday, Briefing.com reports. The firm presently has a $525.00 price target on the stock, up from their prior price target of $385.00. JPMorgan Chase & Co.‘s price target suggests a potential upside of 15.80% from the stock’s previous close.

RACE has been the subject of several other research reports. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. UBS Group increased their price objective on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Morgan Stanley increased their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $487.86.

Ferrari Stock Down 0.7 %

Shares of RACE stock opened at $453.35 on Friday. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The business’s fifty day moving average is $462.36 and its 200-day moving average is $433.62. Ferrari has a 1 year low of $296.34 and a 1 year high of $498.23.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $1.99 earnings per share. The firm’s revenue was up 16.1% compared to the same quarter last year. Analysts forecast that Ferrari will post 8.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Ferrari

A number of institutional investors have recently made changes to their positions in RACE. Capital International Investors lifted its stake in shares of Ferrari by 314.3% in the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after buying an additional 791,596 shares during the period. Marshall Wace LLP lifted its position in shares of Ferrari by 108.4% in the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after acquiring an additional 461,409 shares during the period. Clearbridge Investments LLC lifted its position in shares of Ferrari by 6,024.9% in the 1st quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock worth $166,054,000 after acquiring an additional 374,691 shares during the period. Capital World Investors increased its position in shares of Ferrari by 34.3% during the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after purchasing an additional 245,872 shares during the period. Finally, Capital International Inc. CA raised its stake in shares of Ferrari by 207.3% in the first quarter. Capital International Inc. CA now owns 237,277 shares of the company’s stock valued at $103,419,000 after purchasing an additional 160,055 shares in the last quarter.

About Ferrari

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.