Why Ferarri's Shares Zoomed 12% Higher This Week
Shares of automaker (NYSE: RACE) jumped as much as 11.8% in trading this week after the company reported fourth-quarter 2023 financial results that topped analyst estimates. Shares held their gains and were still up 10.9% for the week at 3 p.m. ET on Friday.
In the quarter, Ferrari sold 2% fewer cars than a year ago at 3,245 units, but revenue was up 11% to 1.52 billion euros, and earnings per share jumped 34% to 1.62 euros. Analysts expected 1.51 billion euros in revenue and earnings of 1.50 euros per share.
For the full year, Ferrari sold 13,663 vehicles, up 3% from a year ago, and revenue was up 17% to 6 billion euros. This shows the company's ability to lean into exclusivity in the auto business and command ever-higher prices.
Source Fool.com
Ferrari NV Stock
We see a rather positive sentiment for Ferrari NV with 14 Buy predictions and 1 Sell predictions.
As a result the target price of 414 € shows a slightly positive potential of 7.17% compared to the current price of 386.3 € for Ferrari NV.
