Why Has Morgan Stanley Given Ferrari (NYSE:RACE) a $56 Price Target
Morgan Stanley analyst commenced coverage coverage with a “Overweight” rating on Ferrari (NYSE:RACE) today and set a price target of $56. The company’s shares opened today at 49.69.
From a total of 5 analysts covering Ferrari (NYSE:RACE) stock, 0 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that NaN of the ratings are positive. The highest target price is $61.43 while the lowest target price is $40.95. The mean of all analyst targets is $53.31 with a -0.20% below today’s ($49.6) stock price. Ferrari was the topic of 5 analyst reports since November 16, 2015 according to the firm StockzIntelligence Inc. Bank of America initiated shares on November 16 with “Buy” rating. Evercore initiated RACE stock in a recent report from November 16 with “Sell” rating. Finally, UBS initiated the stock with “Buy” rating in a report issued on a November 16.
Approximately 293,914 shares of stock traded hands. Ferrari NV (NYSE:RACE) has risen 6.00% since November 7, 2015 and is uptrending. It has outperformed by 7.08% the S&P500.
Ferrari NV, known as New Business Netherlands NV, is an Italy company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. The company has a market cap of $9.23 billion. The Company’s products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer cars: California T and FF. It has 31.28 P/E ratio. In addition, the Company produces a limited edition supercar, LaFerrari, and limited series and one-off cars.
According to Zacks Investment Research, “Ferrari N.V. is engaged in designing, manufacturing and selling sports cars. Its products include sports car models consists of 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A as well as two grand tourer (GT) cars: California T and FF. The Company also produces a limited edition supercar, LaFerrari and limited series and one-off cars. It operates primarily in Europe, the Middle East, India, Africa, Americas, Greater China and Rest of Asia-Pacific region. Ferrari N.V. is headquartered in Maranello, Italy.” Get a free copy of the Zacks research report on Ferrari NV (RACE).