11:45 AM EDT, 03/12/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target by $40 to $425, based on a 2025 P/E of 44.8x, a slight premium to its five-year average forward P/E of 44.3x. Our adjusted EPS estimates remain EUR7.70 for 2024 and EUR8.70 for 2025. We lower our rating to Hold from Buy on valuation following a massive run-up for the stock. RACE shares are up 24% YTD following a 59% jump in 2023. While we continue to consider the company one of the highest-quality names in the auto industry, with industry-leading gross margins (~50% in 2023), unparalleled pricing power, and a strong backlog due to the global strength of its luxury brand, the stock's current valuation now appears to reflect these positives. Additionally, RACE boasts a stellar earnings track record (14 straight bottom-line beats), which we attribute to its long history of providing conservative earnings guidance. RACE's recent buyback report indicates that the company has executed about 37% of its planned buyback plan totaling EUR2B by 2026, but EPS growth should slow in 2024.