Ferrari (NYSE:RACE) Issues FY 2024 Earnings Guidance

Ferrari (NYSE:RACE) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 8.510- for the period, compared to the consensus EPS estimate of 8.420. The company issued revenue guidance of $7.1 billion-, compared to the consensus revenue estimate of $7.1 billion.

Ferrari Trading Up 0.6 %

Shares of RACE stock opened at $412.67 on Thursday. Ferrari has a 12-month low of $285.02 and a 12-month high of $442.80. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18. The firm’s 50 day moving average is $417.41 and its 200 day moving average is $408.59.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.08. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. On average, equities analysts expect that Ferrari will post 8.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RACE has been the topic of a number of research reports. Barclays downgraded shares of Ferrari from an overweight rating to an equal weight rating in a report on Thursday, April 4th. Sanford C. Bernstein lifted their price objective on shares of Ferrari from $448.00 to $512.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Jefferies Financial Group began coverage on shares of Ferrari in a research note on Friday, May 10th. They issued a hold rating and a $403.00 price objective for the company. Morgan Stanley reissued an overweight rating and issued a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. Finally, UBS Group lifted their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a buy rating in a research note on Monday, June 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $461.67.

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.