Latest Stocks: Ferrari (RACE) Price Target Raised to $90.00

Latest Stocks: Ferrari (RACE) Price Target Raised to $90.00

Ferrari (NYSE:RACE) had its price target raised by Bank of America Corp from $82.00 to $90.00 in a research report issued on Monday, May 15th, StockTargetPrices.com reports. The brokerage presently has a “buy” rating on the stock. Bank of America Corp’s price objective suggests a potential downside of 0.49% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Zacks Investment Research upgraded Ferrari from a “sell” rating to a “hold” rating and set a $95.00 price objective for the company in a research report on Wednesday, May 10th. Morgan Stanley dropped their target price on Ferrari from $100.00 to $72.00 and set an “overweight” rating for the company in a research report on Monday, May 8th. Jefferies Group LLC set a $96.00 target price on Ferrari and gave the company a “buy” rating in a research report on Saturday, May 6th. Kepler Capital Markets upgraded Ferrari to a “hold” rating in a research report on Friday, May 5th. Finally, TheStreet upgraded Ferrari from a “d+” rating to a “c” rating in a research report on Wednesday, March 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Ferrari presently has a consensus rating of “Hold” and an average target price of $73.86.

Ferrari (NYSE:RACE) opened at 90.44 on Monday. The stock’s 50 day moving average is $80.72 and its 200-day moving average is $67.69. The firm has a market capitalization of $17.09 billion, a PE ratio of 34.64 and a beta of 1.79. Ferrari has a 52-week low of $38.71 and a 52-week high of $90.84.

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. boosted its stake in Ferrari by 0.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 10,299 shares of the company’s stock valued at $599,000 after buying an additional 75 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in Ferrari by 6.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,149 shares of the company’s stock valued at $125,000 after buying an additional 128 shares in the last quarter. Comerica Bank boosted its stake in Ferrari by 1.3% in the first quarter. Comerica Bank now owns 10,857 shares of the company’s stock valued at $821,000 after buying an additional 144 shares in the last quarter. Wetherby Asset Management Inc. boosted its stake in Ferrari by 3.0% in the fourth quarter. Wetherby Asset Management Inc. now owns 5,406 shares of the company’s stock valued at $314,000 after buying an additional 157 shares in the last quarter. Finally, World Asset Management Inc boosted its stake in Ferrari by 1.7% in the first quarter. World Asset Management Inc now owns 11,775 shares of the company’s stock valued at $876,000 after buying an additional 197 shares in the last quarter. 30.45% of the stock is owned by institutional investors and hedge funds.

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