Ferrari (NYSE:RACE) Releases FY 2024 Earnings Guidance

Ferrari (NYSE:RACE) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 8.680- for the period, compared to the consensus estimate of 8.870. The company issued revenue guidance of $7.2 billion-, compared to the consensus revenue estimate of $7.2 billion.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RACE. UBS Group boosted their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $385.00 to $525.00 in a research note on Friday, October 11th. Morgan Stanley boosted their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Trading Down 0.7 %

RACE stock opened at $449.30 on Friday. Ferrari has a twelve month low of $330.15 and a twelve month high of $498.23. 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 firm’s fifty day simple moving average is $472.17 and its two-hundred day simple moving average is $440.93.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the company earned $1.98 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. Analysts predict that Ferrari will post 8.65 earnings per share for the current year.

Ferrari Company Profile

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.