Today: Ferrari (RACE) Coverage Initiated at Berenberg Bank

Today: Ferrari (RACE) Coverage Initiated at Berenberg Bank

Berenberg Bank assumed coverage on shares of Ferrari (NASDAQ:RACE) in a report published on Tuesday morning. The firm issued a buy rating on the stock.

RACE has been the topic of a number of other research reports. Evercore ISI raised Ferrari from a sell rating to a hold rating in a research note on Tuesday, November 8th. Zacks Investment Research lowered Ferrari from a buy rating to a sell rating in a research note on Wednesday, October 19th. Morgan Stanley reissued an overweight rating and set a $56.00 price objective (up previously from $54.00) on shares of Ferrari in a research note on Wednesday, August 17th. Citigroup Inc. reissued a neutral rating on shares of Ferrari in a research note on Friday, October 21st. Finally, Societe Generale began coverage on Ferrari in a research note on Thursday, October 13th. They set a sell rating and a $45.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $51.67.

Ferrari (NASDAQ:RACE) opened at 54.78 on Tuesday. The stock has a market cap of $10.35 billion and a price-to-earnings ratio of 28.59. The stock’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 issued its quarterly earnings results on Monday, November 7th. The company reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.06. The firm had revenue of $783 million for the quarter, compared to analysts’ expectations of $826.93 million. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, analysts forecast that Ferrari will post $2.18 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in RACE. Carroll Financial Associates Inc. raised its position in shares of Ferrari by 0.5% in the third quarter. Carroll Financial Associates Inc. now owns 7,714 shares of the company’s stock valued at $400,000 after buying an additional 35 shares during the period. Advisor Group Inc. raised its position in shares of Ferrari by 28.1% in the third quarter. Advisor Group Inc. now owns 1,990 shares of the company’s stock valued at $104,000 after buying an additional 436 shares during the period. Raymond James & Associates raised its position in shares of Ferrari by 6.9% in the second quarter. Raymond James & Associates now owns 7,423 shares of the company’s stock valued at $302,000 after buying an additional 482 shares during the period. US Bancorp DE raised its position in shares of Ferrari by 23.8% in the third quarter. US Bancorp DE now owns 2,867 shares of the company’s stock valued at $149,000 after buying an additional 551 shares during the period. Finally, BlackRock Group LTD raised its position in shares of Ferrari by 1.5% in the third quarter. BlackRock Group LTD now owns 47,390 shares of the company’s stock valued at $2,458,000 after buying an additional 688 shares during the period.

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