Luxury race car manufacturer Ferrari (RACE) has gotten a big upgrade from analysts at JPMorgan Chase (JPM).
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JPMorgan has raised its rating on RACE stock to Buy from Hold and lifted its price target on the shares to $525 from $385 previously. The new price target from JPMorgan is 12% higher than where Ferrari’s stock currently trades.
The ratings and price target upgrade come following a meeting that JPMorgan analysts had with Ferrari’s management team. The analysts said they left the meeting feeling confident that Ferrari will continue to dominate the luxury car market, and the luxury goods market throughout Europe.
Ferrari’s Push into Electric Vehicles
The upgrade from JPMorgan Chase comes as Ferrari rolls out its electric vehicle strategy. That strategy has been in the works for years, with some analysts doubting that the company can develop sportscars with battery-powered engines that don’t compromise performance.
However, the analysts at JPMorgan said that they expect Ferrari’s electric vehicles to be true Ferraris that deliver on the company’s promise of an incredible driving experience. JPMorgan added that Ferrari could unveil its newest electric supercar by the end of October this year.
RACE stock has increased 40% so far in 2024.
Is RACE Stock a Buy?
Ferrari stock has a consensus Moderate Buy rating among 14 Wall Street analysts. That rating is based on eight Buy, five Hold, and one Sell recommendations made in the last three months. The average RACE price target of $476.60 implies 1.60% upside potential.
