Ferrari (NYSE:RACE) Issues FY 2024 Earnings Guidance

Ferrari (NYSE:RACE) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 8.680- for the period, compared to the consensus EPS estimate of 8.870. The company issued revenue guidance of $7.2 billion-, compared to the consensus revenue estimate of $7.2 billion.

Analysts Set New Price Targets

RACE has been the topic of a number of recent research reports. Morgan Stanley boosted their price target on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Evercore ISI upped their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and a consensus price target of $502.14.

Ferrari Price Performance

Ferrari stock traded down $33.75 during midday trading on Tuesday, reaching $442.30. The company’s stock had a trading volume of 1,292,768 shares, compared to its average volume of 277,511. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The business has a 50-day simple moving average of $474.01 and a 200-day simple moving average of $440.68. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23.

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.