Ferrari (NYSE:RACE) Upgraded at Hsbc Global Res

Key Points

• Ferrari has been upgraded from a "hold" to a "strong-buy" rating by HSBC Global Research, with a target price set at $470.00.
• The company's stock recently opened at $503.50 and has shown a 1-year price range between $391.54 and $519.10.
• Ferrari's recent earnings report exceeded expectations, reporting earnings per share of $2.70, which was above the consensus estimate of $2.57.

Ferrari (NYSE:RACE - Get Free Report) was upgraded by equities researchers at Hsbc Global Res from a "hold" rating to a "strong-buy" rating in a report issued on Thursday,Zacks.com reports.

RACE has been the subject of a number of other reports. Royal Bank Of Canada reissued an "outperform" rating on shares of Ferrari in a report on Monday, August 4th. Berenberg Bank started coverage on shares of Ferrari in a research report on Tuesday, September 16th. They set a "buy" rating for the company. HSBC raised shares of Ferrari from a "hold" rating to a "buy" rating and set a $470.00 price target for the company in a report on Thursday. Citigroup reaffirmed a "sell" rating on shares of Ferrari in a research note on Monday, August 11th. Finally, UBS Group raised their price objective on shares of Ferrari from $540.00 to $570.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Ferrari has a consensus rating of "Moderate Buy" and a consensus price target of $516.25.

Ferrari Stock Up 2.7%

NYSE RACE opened at $503.50 on Thursday. Ferrari has a 1-year low of $391.54 and a 1-year high of $519.10. The company has a market capitalization of $122.04 billion, a price-to-earnings ratio of 51.96, a PEG ratio of 3.95 and a beta of 1.08. The stock's 50 day moving average is $473.53 and its two-hundred day moving average is $468.87. The company has a current ratio of 5.09, a quick ratio of 3.94 and a debt-to-equity ratio of 0.89.

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

Hedge Funds Weigh In On Ferrari

A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of Ferrari by 65.3% during the third quarter. GAMMA Investing LLC now owns 119 shares of the company's stock worth $58,000 after purchasing an additional 47 shares in the last quarter. Valeo Financial Advisors LLC raised its position in Ferrari by 2.2% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,086 shares of the company's stock worth $532,000 after purchasing an additional 23 shares during the last quarter. Osaic Holdings Inc. raised its position in Ferrari by 8.1% in the 2nd quarter. Osaic Holdings Inc. now owns 9,244 shares of the company's stock worth $4,508,000 after purchasing an additional 696 shares during the last quarter. American Trust lifted its holdings in Ferrari by 31.2% during the 2nd quarter. American Trust now owns 2,201 shares of the company's stock worth $1,080,000 after buying an additional 523 shares in the last quarter. Finally, Orion Porfolio Solutions LLC boosted its position in Ferrari by 6.0% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 8,876 shares of the company's stock valued at $4,356,000 after buying an additional 503 shares during the last quarter.

About Ferrari

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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