The Brokerages gives Consensus Recommendation of “Strong Buy” to Zacks: Ferrari (RACE)

The Brokerages gives Consensus Recommendation of “Strong Buy” to Zacks: Ferrari (RACE)

Shares of Ferrari (NASDAQ:RACE) have been given an average broker rating score of 1.33 (Strong Buy) from the three brokers that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. Ferrari’s rating score has improved by 24% in the last three months as a result of a number of analysts’ upgrades and downgrades.

Brokers have set a 12 month consensus price objective of $56.33 for the company and are anticipating that the company will post $0.57 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Ferrari an industry rank of 77 out of 265 based on the ratings given to related companies.

Several equities analysts have issued reports on the stock. Societe Generale assumed coverage on shares of Ferrari in a research note on Thursday. They issued a “sell” rating and a $45.00 price objective on the stock. Zacks Investment Research raised shares of Ferrari from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Saturday, August 20th. Finally, Morgan Stanley reissued 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.

Ferrari (NASDAQ:RACE) traded up 0.40% during midday trading on Friday, reaching $52.72. 571,167 shares of the company traded hands. Ferrari has a 12 month low of $31.66 and a 12 month high of $60.97. The firm has a market capitalization of $9.96 billion and a PE ratio of 27.66. The company’s 50-day moving average price is $50.04 and its 200 day moving average price is $44.99.

Ferrari (NASDAQ:RACE) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.08. On average, equities analysts anticipate that Ferrari will post $2.14 earnings per share for the current year.

Several large investors have recently modified their holdings of RACE. Commerzbank Aktiengesellschaft FI raised its stake 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 during the last quarter. World Asset Management Inc raised its stake 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 during the last quarter. Societe Generale bought a new stake in shares of Ferrari during the second quarter valued at approximately $1,360,000. Swiss National Bank raised its stake 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 during the last quarter. Finally, Emerald Acquisition Ltd. bought a new stake in shares of Ferrari during the second quarter valued at approximately $7,080,000.

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