Ferrari (NYSE:RACE) Updates FY 2024 Earnings Guidance

Ferrari (NYSE:RACE) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 8.680- for the period, compared to the consensus 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

Several research firms have recently weighed in on RACE. Evercore ISI increased their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley lifted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $385.00 to $525.00 in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $502.14.

Ferrari Stock Down 7.1 %

NYSE RACE traded down $33.75 during trading hours on Tuesday, hitting $442.30. 1,292,768 shares of the stock were exchanged, compared to its average volume of 277,511. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23. The stock has a 50-day moving average of $474.01 and a 200 day moving average of $440.68.

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.