Ferrari (NYSE:RACE) Updates FY 2024 Earnings Guidance

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RACE. Morgan Stanley upped their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Evercore ISI lifted their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and raised their price target for the company 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 shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ferrari currently has an average rating of “Moderate Buy” and an average target price of $502.14.

Ferrari Stock Performance

Ferrari stock opened at $476.05 on Tuesday. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The stock has a fifty day moving average of $474.01 and a 200 day moving average of $440.68. Ferrari has a one year low of $330.15 and a one year 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.