Citigroup Cuts Ferrari (NYSE:RACE) Price Target to $529.00

Key Points

• Citigroup has lowered its target price for Ferrari from $579.00 to $529.00, while maintaining a "buy" rating on the stock, indicating a potential upside of 35.94% based on the company's previous close.
• Ferrari's quarterly earnings surpassed expectations with earnings per share of $2.70, exceeding the consensus estimate of $2.57, and reporting revenue of $2.12 billion.
• Several analyst upgrades were noted, with HSBC rating Ferrari as a "buy" with a price target of $470, reflecting a mixed outlook among different firms on the stock's performance.

Ferrari (NYSE:RACE - Get Free Report) had its target price cut by Citigroup from $579.00 to $529.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's target price indicates a potential upside of 35.94% from the company's previous close.

Several other equities research analysts also recently commented on RACE. HSBC upgraded shares of Ferrari from a "hold" rating to a "buy" rating and set a $470.00 price objective for the company in a research note on Thursday, October 2nd. Weiss Ratings reiterated a "buy (b)" rating on shares of Ferrari in a research note on Wednesday, October 8th. Zacks Research cut shares of Ferrari from a "strong-buy" rating to a "hold" rating in a report on Friday, August 29th. Sanford C. Bernstein reduced their target price on shares of Ferrari from $554.00 to $475.00 and set an "outperform" rating for the company in a report on Friday, October 10th. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of Ferrari in a report on Monday, August 4th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $514.00.

Ferrari Price Performance

Shares of RACE opened at $389.15 on Thursday. The company has a 50 day moving average price of $467.21 and a 200-day moving average price of $468.84. Ferrari has a fifty-two week low of $372.31 and a fifty-two week high of $519.10. The stock has a market capitalization of $94.32 billion, a PE ratio of 40.16, a PEG ratio of 4.04 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.13. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The firm had revenue of $2.12 billion during the quarter, compared to analysts' expectations of $2.05 billion. During the same quarter in the prior year, the company earned $2.29 EPS. The company's revenue was up 4.4% compared to the same quarter last year. Ferrari has set its FY 2025 guidance at 9.751- EPS. Equities analysts predict that Ferrari will post 9.22 earnings per share for the current fiscal year.

Institutional Trading of Ferrari

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Groupama Asset Managment increased its stake in shares of Ferrari by 24,598.5% during the second quarter. Groupama Asset Managment now owns 16,073,800 shares of the company's stock worth $7,888,057,000 after purchasing an additional 16,008,720 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Ferrari by 8.1% during the first quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company's stock worth $2,165,683,000 after purchasing an additional 377,929 shares in the last quarter. Bank of Italy increased its stake in shares of Ferrari by 2.9% during the first quarter. Bank of Italy now owns 2,407,271 shares of the company's stock worth $1,021,078,000 after purchasing an additional 67,651 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Ferrari by 52.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company's stock worth $974,332,000 after acquiring an additional 781,587 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Ferrari by 5.6% during the second quarter. Alliancebernstein L.P. now owns 1,866,558 shares of the company's stock worth $915,995,000 after acquiring an additional 99,221 shares during the last quarter.

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.

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