Today: Ferrari (RACE) Given “Buy” Rating at Berenberg Bank

Today: Ferrari (RACE) Given “Buy” Rating at Berenberg Bank

Ferrari (NASDAQ:RACE)‘s stock had its “buy” rating reaffirmed by equities research analysts at Berenberg Bank in a research report issued on Monday.

Other equities research analysts have also recently issued reports about the company. Evercore ISI upgraded Ferrari from a “sell” rating to a “hold” rating in a research note on Tuesday, November 8th. Morgan Stanley restated an “overweight” rating and set a $56.00 target price (up from $54.00) on shares of Ferrari in a research note on Wednesday, August 17th. Zacks Investment Research upgraded Ferrari from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Saturday, August 20th. Societe Generale assumed coverage on Ferrari in a research note on Thursday, October 13th. They set a “sell” rating and a $45.00 target price 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 issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.67.

Shares of Ferrari (NASDAQ:RACE) opened at 54.78 on Monday. The company’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. The firm has a market capitalization of $10.35 billion and a PE ratio of 28.59.

Ferrari (NASDAQ:RACE) last issued its quarterly earnings results on Monday, November 7th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.06. The company earned $783 million during the quarter, compared to the consensus estimate of $826.93 million. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities research analysts expect that Ferrari will post $2.18 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in RACE. Price T Rowe Associates Inc. MD boosted its position in shares of Ferrari by 16.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 16,053,532 shares of the company’s stock worth $832,697,000 after buying an additional 2,325,508 shares during the last quarter. Baillie Gifford & Co. boosted its position in shares of Ferrari by 6.3% in the second quarter. Baillie Gifford & Co. now owns 13,077,533 shares of the company’s stock worth $532,493,000 after buying an additional 772,620 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Ferrari by 2.5% in the second quarter. Vanguard Group Inc. now owns 2,879,250 shares of the company’s stock worth $117,848,000 after buying an additional 70,585 shares during the last quarter. Samlyn Capital LLC boosted its position in shares of Ferrari by 5.4% in the third quarter. Samlyn Capital LLC now owns 1,677,444 shares of the company’s stock worth $87,009,000 after buying an additional 85,700 shares during the last quarter. Finally, Permian Investment Partners LP boosted its position in shares of Ferrari by 0.5% in the third quarter. Permian Investment Partners LP now owns 1,226,737 shares of the company’s stock worth $63,643,000 after buying an additional 6,000 shares during the last quarter.

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