JPMorgan Chase & Co. Has Lowered Expectations for Ferrari (NYSE:RACE) Stock Price

Ferrari (NYSE:RACE) had its price target cut by JPMorgan Chase & Co. from $525.00 to $460.00 in a report issued on Thursday, Marketbeat Ratings reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 6.99% from the company’s previous close.

RACE has been the subject of a number of other reports. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Ferrari currently has a consensus rating of “Moderate Buy” and an average target price of $497.86.

Ferrari Trading Up 0.7 %

Shares of Ferrari stock opened at $429.93 on Thursday. The stock has a market capitalization of $104.21 billion, a P/E ratio of 46.99, a P/E/G ratio of 4.43 and a beta of 0.94. Ferrari has a 52-week low of $399.27 and a 52-week high of $509.13. 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 stock’s 50-day simple moving average is $456.00 and its 200 day simple moving average is $452.46.

Hedge Funds Weigh In On Ferrari

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Ferrari by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock worth $2,002,581,000 after purchasing an additional 45,754 shares in the last quarter. Bank of Italy lifted its position in Ferrari by 2.8% during the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock valued at $1,002,392,000 after purchasing an additional 63,675 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Ferrari by 49.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after buying an additional 594,547 shares in the last quarter. Norges Bank bought a new position in shares of Ferrari in the 4th quarter worth $697,226,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Ferrari by 2.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock worth $684,888,000 after buying an additional 38,356 shares during the last quarter.

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.