08:05 AM EDT, 05/07/2024 (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 lower our 12-month target by $5 to $420, based on a '25 P/E of 44.8x, in line with RACE's 5-year average forward P/E. Our adjusted EPS estimates of EUR7.70 for '24 and EUR8.70 for '25 are unchanged. RACE posts Q1 adjusted EPS of EUR1.95 vs. EUR1.62 (+20%), ahead of the EUR1.86 consensus. The beat was driven both by stronger-than-expected revenue and margins, as net revenue rose 11% to EUR1.59B (EUR35M above consensus) on higher prices and despite a slight decline in shipments to 3,560 units. Adjusted EBIT margin expanded 60 bps to 38.2%. RACE reiterated prior 2024 guidance, including its adjusted EPS forecast of at least EUR7.50 (current consensus = EUR7.77), implying 9%+ growth from the EUR6.90 earned in 2023. We think the fact it merely maintained guidance despite a comfortable Q1 beat is likely to raise a red flag among investors, although we note the company has a history of providing conservative guidance and beating Street estimates. We maintain a Hold on valuation (lowered from Buy on March 12).