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 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.

Analyst Ratings Changes

A number of equities research analysts recently commented on RACE shares. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a report on Friday, October 11th. UBS Group increased their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley raised their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Price Performance

RACE traded up $0.34 on Wednesday, hitting $441.34. The company had a trading volume of 546,014 shares, compared to its average volume of 279,808. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23. The stock has a fifty day simple moving average of $473.05 and a 200-day simple moving average of $440.91. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the business earned $1.98 earnings per share. The company’s revenue was up 6.5% on a year-over-year basis. On average, sell-side analysts anticipate that Ferrari will post 8.65 EPS for the current fiscal year.

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.