Ferrari (NYSE:RACE) Price Target Cut to $520.00 by Analysts at UBS Group

Ferrari (NYSE:RACE) had its price objective decreased by UBS Group from $584.00 to $520.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price objective points to a potential upside of 19.45% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on RACE. JPMorgan Chase & Co. lowered their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a report on Friday. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Finally, Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $498.86.

Ferrari Stock Performance

NYSE RACE traded up $7.45 during trading on Tuesday, hitting $435.33. 104,184 shares of the company’s stock traded hands, compared to its average volume of 304,977. The stock has a market capitalization of $105.51 billion, a price-to-earnings ratio of 47.58, a PEG ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The business has a 50 day moving average of $455.85 and a 200-day moving average of $451.90. Ferrari has a 12-month low of $399.27 and a 12-month high of $509.13.

Hedge Funds Weigh In On Ferrari

Several hedge funds have recently made changes to their positions in RACE. Hanson & Doremus Investment Management purchased a new position in shares of Ferrari during the 4th quarter worth approximately $26,000. Park Square Financial Group LLC bought a new stake in shares of Ferrari in the 4th quarter worth approximately $32,000. Armstrong Advisory Group Inc. grew its stake in shares of Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after buying an additional 50 shares during the last quarter. Kestra Investment Management LLC purchased a new position in Ferrari during the fourth quarter valued at $45,000. Finally, Hobbs Group Advisors LLC bought a new stake in Ferrari in the third quarter worth $47,000.

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.