Credit Suisse Believes Ferrari (RACE) Still Has Room to Grow


Credit Suisse analyst Michael Binetti reiterated a Buy rating on Ferrari (RACE) yesterday and set a price target of $198.00. The company’s shares closed last Thursday at $180.11, close to its 52-week high of $185.36.

According to TipRanks.com, Binetti is a 4-star analyst with an average return of 7.0% and a 56.4% success rate. Binetti covers the Consumer Goods sector, focusing on stocks such as The Estée Lauder Companies, Dick’s Sporting Goods, and Canada Goose Holdings.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ferrari with a $197.53 average price target, a 10.8% upside from current levels. In a report issued on July 28, Merrill Lynch also maintained a Buy rating on the stock with a $235.00 price target.

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Based on Ferrari’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $932 million and net profit of $166 million. In comparison, last year the company earned revenue of $940 million and had a net profit of $178 million.

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Ferrari NV is a holding company. It manufactures luxury sports cars. The firm’s models include the F12Berlinetta, 488GTB, 488 Spider, 458 Speciale, California T, the LaFerrari Hybrid, LaFerrari and the FF four-wheel drive. It participates in car racing such as Formula One. The company was founded by Enzo Anselmo Ferrari in 1939 and is headquartered in Maranello, Italy.

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