Ferrari (NYSE:RACE) Updates FY19 Earnings Guidance

Ferrari (NYSE:RACE) updated its FY19 earnings guidance on Friday. The company provided earnings per share guidance of €3.50-3.70 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.68. The company issued revenue guidance of >€3.5 billion, compared to the consensus revenue estimate of $3.70 billion.Ferrari also updated its FY 2019 guidance to $3.88-4.11 EPS.

A number of brokerages have recently issued reports on RACE. UBS Group upped their price target on Ferrari from $160.00 to $187.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. They noted that the move was a valuation call. Evercore ISI raised Ferrari from an in-line rating to an outperform rating in a research report on Thursday, May 23rd. Credit Suisse Group reaffirmed an outperform rating and set a $185.00 price target (up from $158.00) on shares of Ferrari in a research report on Thursday, June 20th. Redburn Partners began coverage on Ferrari in a research report on Wednesday, June 5th. They set a neutral rating and a $143.04 price target on the stock. Finally, ValuEngine downgraded Ferrari from a buy rating to a hold rating in a research report on Tuesday, May 7th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Ferrari currently has a consensus rating of Hold and a consensus target price of $166.26.

Shares of NYSE RACE traded down $3.52 during mid-day trading on Friday, hitting $159.48. The stock had a trading volume of 805,338 shares, compared to its average volume of 351,642. The company has a debt-to-equity ratio of 1.39, a quick ratio of 3.67 and a current ratio of 4.27. The stock’s 50 day moving average price is $163.67. Ferrari has a twelve month low of $93.85 and a twelve month high of $170.54. The stock has a market cap of $30.80 billion, a price-to-earnings ratio of 39.67, a PEG ratio of 2.40 and a beta of 1.34.

Ferrari (NYSE:RACE) last released its earnings results on Friday, August 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.06. Ferrari had a return on equity of 53.74% and a net margin of 23.17%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. On average, equities research analysts expect that Ferrari will post 4.03 EPS for the current fiscal year.

Ferrari Company Profile

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

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