Today, Ferrari (RACE) Stock Rating Upgrade by Evercore ISI

Today, Ferrari (RACE) Stock Rating Upgrade by Evercore ISI

Ferrari (NASDAQ:RACE) was upgraded by equities research analysts at Evercore ISI from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

Other equities research analysts have also issued reports about the company. Zacks Investment Research upgraded Ferrari from a “sell” rating to a “hold” rating in a research note on Wednesday, July 13th. Morgan Stanley restated an “overweight” rating and issued a $56.00 price objective (up from $54.00) on shares of Ferrari in a research note on Wednesday, August 17th. Societe Generale assumed coverage on Ferrari in a research note on Thursday, October 13th. They issued a “sell” rating and a $45.00 price objective for the company. Finally, Citigroup Inc. restated a “neutral” rating on shares of Ferrari in a research note on Friday, October 21st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $51.67.

Shares of Ferrari (NASDAQ:RACE) opened at 54.78 on Tuesday. The stock has a market cap of $10.35 billion and a P/E ratio of 28.27. The firm’s 50-day moving average price is $53.11 and its 200-day moving average price is $47.21. Ferrari has a 52-week low of $31.66 and a 52-week high of $54.99.

Ferrari (NASDAQ:RACE) last posted its quarterly earnings data on Monday, November 7th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.53 by $0.06. The company earned $783 million during the quarter, compared to analysts’ expectations of $826.93 million. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. Equities analysts predict that Ferrari will post $2.19 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Commerzbank Aktiengesellschaft FI increased its position in shares of Ferrari by 4.0% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 211,544 shares of the company’s stock valued at $8,658,000 after buying an additional 8,191 shares in the last quarter. World Asset Management Inc increased its position in shares of Ferrari by 8.2% in the second quarter. World Asset Management Inc now owns 11,690 shares of the company’s stock valued at $478,000 after buying an additional 890 shares in the last quarter. Societe Generale purchased a new position in shares of Ferrari during the second quarter valued at $1,360,000. Swiss National Bank increased its position in shares of Ferrari by 0.7% in the second quarter. Swiss National Bank now owns 828,979 shares of the company’s stock valued at $33,727,000 after buying an additional 5,507 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in shares of Ferrari during the second quarter valued at $7,080,000.

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