Ferrari (RACE) Stock Coverage Initiated at 'Neutral' by JPMorgan
NEW YORK (TheStreet) -- Ferrari (RACE) - Get Report stock coverage was initiated by analysts at JPMorgan with a "neutral" rating and a $52 price target.
The firm said that Ferrari has the potential to have strong earnings growth due to a rise in car sales towards 9,000 units. This target is an increase from last year's sales of 7,255 units.
In addition, the company can benefit from the roll-off of pricey currency hedges and lower commodity prices, analysts noted.
Even though the firm cited numerous positive factors, analysts are hesitant to completely take a bullish stance, adding that Ferrari can do more do grow EBIT faster than the luxury average.
Ferrari shares are diving 3.11% to $49.80 on Monday morning.
Based in Italy, Ferrari designs, engineers, produces, and sells luxury performance sports cars worldwide.
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