Well, it is difficult to objectively classify something as wrong. If the person in questions feels it is quite alright for everyone to hate each other on a basis of race, then he would not be morally challenged by his opinion.
However, that standpoint is tough to defend as he would need to believe, for example the two statements "It is alright for me to dislike Y people, as I believe they are inferior and I am superior. Since I am superior, I am right." and "It is alright for Y to dislike me, as they believe I am inferior and they are superior. Since they are superior, they are right.".
Problems with each statement aside(believing something does not make it so, for instance) the statements conflict with each other, and I find it quite unlikely that someone would be able to believe both of them at the same time. Perhaps someone well-versed in Doublethink could.
As such, I would judge the person as following an internally inconsistent morality, which would make him immoral. Or, as you say, a bad person.
If someone I knew started suddenly started spewing racism, I'd call them on it, starting with a resounding "What the hell?!?".