Morgan Stanley Downgrades Ferrari N.V. (NYSE:RACE) to Underweight

Morgan Stanley lowered shares of Ferrari N.V. (NYSE:RACE) from an overweight rating to an underweight rating in a research report report published on Thursday, September 7th, MarketBeat.com reports. They currently have $100.00 target price on the stock.

RACE has been the topic of several other reports. Zacks Investment Research raised shares of Ferrari N.V. from a hold rating to a buy rating and set a $112.00 target price on the stock in a research report on Saturday, July 22nd. UBS AG reissued a buy rating and issued a $100.00 target price (up from $92.00) on shares of Ferrari N.V. in a research report on Tuesday, July 11th. Bank of America Corporation reissued a buy rating and issued a $100.00 target price (up from $90.00) on shares of Ferrari N.V. in a research report on Friday, June 16th. Berenberg Bank reissued a buy rating on shares of Ferrari N.V. in a research report on Monday, August 14th. Finally, Evercore ISI raised their target price on shares of Ferrari N.V. from $46.00 to $105.00 and gave the stock an in-line rating in a research report on Friday, September 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $101.75.

Ferrari N.V. (NYSE:RACE) traded up 0.75% during midday trading on Thursday, reaching $110.05. The company had a trading volume of 554,953 shares. The company has a market cap of $20.79 billion, a PE ratio of 36.84 and a beta of 1.78. Ferrari N.V. has a 52-week low of $47.26 and a 52-week high of $118.10. The company’s 50-day moving average is $111.25 and its 200 day moving average is $88.58.

Ferrari N.V. (NYSE:RACE) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.13. Ferrari N.V. had a net margin of 14.43% and a return on equity of 128.49%. The company had revenue of $1.01 billion for the quarter. On average, equities research analysts forecast that Ferrari N.V. will post $3.24 EPS for the current year.

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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its holdings in Ferrari N.V. by 124.2% in the second quarter. Bank of New York Mellon Corp now owns 811,847 shares of the company’s stock valued at $69,836,000 after buying an additional 449,795 shares during the period. FMR LLC raised its holdings in Ferrari N.V. by 4.6% in the first quarter. FMR LLC now owns 126,742 shares of the company’s stock valued at $9,424,000 after buying an additional 5,620 shares during the period. Geode Capital Management LLC purchased a new position in Ferrari N.V. in the first quarter valued at approximately $1,005,000. KCG Holdings Inc. purchased a new position in Ferrari N.V. in the first quarter valued at approximately $356,000. Finally, Bank of America Corp DE raised its holdings in Ferrari N.V. by 4.3% in the first quarter. Bank of America Corp DE now owns 896,521 shares of the company’s stock valued at $66,665,000 after buying an additional 36,852 shares during the period. Hedge funds and other institutional investors own 29.78% of the company’s stock.

Ferrari N.V. Company Profile

Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.

Analyst Recommendations for Ferrari N.V. (NYSE:RACE)

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