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Ferrari (NYSE:RACE) stock just made a new 52-week high, breaking its earlier annual record. During the trading day of Feb. 22, Ferrari stock raced to a new record 52-week high of $411.90.
Over the past year, Ferrari stock has raced ahead of the S&P 500 Index by double measure. While Ferrari stock has gained 54.36%, the S&P 500 has gained 24.63% over one year.
So far in 2024, the stock is far ahead of the S&P 500 gaining 21.15% relative to the benchmark which is up 4.44%.
Catalysts that may have spurred the stock are:
Recently (Feb. 2), UBS reviewed the stock and rated it a Buy. Price target was raised from $413 to $448, implying a 9.8% upside.
Options activity in Ferrari stock also indicates that the general mood among heavyweight investors is 62% leaning bullish and 37% bearish.
Also Read: Market Whales and Their Recent Bets on RACE Options
Ferrari also has an ongoing multi-year share buyback program in place of approximately Euro 2 billion (approximately $2.16 billion) expected to be executed by 2026. Buybacks are a great tool for shareholder returns, and tend to be positive for the stock.
Ferrari’s success stands out in an industry known for fierce competition and lack of permanence. The company’s ability to differentiate itself and maintain a strong market position could be seen as a key catalyst, attracting investors seeking stability and excellence in the auto sector.
Read Next: What’s Ferrari Doing With A Tesla Model S Plaid At Its Italian Factory?
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Posted In: RACE