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 (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.

Ferrari Price Performance

Ferrari stock traded up $0.34 during mid-day trading on Wednesday, hitting $441.34. The company’s stock had a trading volume of 546,014 shares, compared to its average volume of 279,808. Ferrari has a one year low of $330.15 and a one year high of $498.23. The company has a 50 day moving average of $473.05 and a 200-day 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 data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the firm earned $1.98 EPS. The business’s quarterly revenue was up 6.5% on a year-over-year basis. On average, sell-side analysts forecast that Ferrari will post 8.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RACE shares. Evercore ISI increased their price target 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 objective for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. UBS Group upped their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley increased their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

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.