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$RACE
“F1 Team Boss Binotto apologized to Ferrari Fans despite Strong performance Sunday at Styrian Grand Prix“– Paul Ebeling
It was an eventful Sunday afternoon for the Ferrari’s Charles Leclerc and Carlos Sainz and, who fought their way through the grid to claim P6 and P7, respectively at the chequered flag.
The 14 pts are Key as the Maranello Outfit managed to close the gap on the constructor’s table.
Ferrari’s team boss, Mattia Binotto, felt sorry that, despite the efforts, his team only managed to gain 4 pts on McLaren, who are currently leading the mid-field pack in P3.
Boss Binotto said that Ferrari pulled off the most perfect race setup in Styria, which consequently made them the fastest mid-field team on the grid. But he sounded regretful that the Maranello Outfit did not leave the weekend with more pts in hand.
“The choices we made today proved to be correct for the race pace, a bit more difficult for qualifying. But we are satisfied,” he said.
It looked like Mr. Leclerc’s hopes of securing pts finish in Styria were shattered when he clipped the rear of Pierre Gasly, suffering damages to the front wing on Lap 1.
However, he never gave up, as he opted for a 2-pit stopper and went on to beat most of the grid to claim P7. Boss Binotto lauded Mr. Leclerc for his comeback in the race at the Red Bull Ring.
“Today we showed a good race pace. For Charles, it was a pity about the accident on the 1st lap. It happens. It was a racing accident. Lastly, he got back up doing all the overtaking he did. And it is a good sign,” he said.
The Big Q: Can Ferrari pull off a much better race at this same circuit over the coming weekend?
The Big A: Well, we’ll know soon enough, stay tuned.
Ferrari is The Aristocrat of the automotive sector.
Ferrari closed Friday at 204.22 within its 52 wk range of 127.73 – 233.66 in NY. It’s all time high in NY was marked at 233.66 intraday on 29 December.
Key technical indicators are Bearish in here, but Bullish long term. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is at 202.03, and the Key resistance is at 206.22. The 16 June Doji candlestick augurs a return to the Very Bullish trend.
Note: At the beginning of Y 2020 I called RACE at 230 by year’s end, the stock was trading at 165.22 on 1 January 2020, on 29 December 2020 it marked 233.66 intraday, its all time high
The Maranello Outfit’s shares were raised to Buy from Hold at HSBC, and Buys at Morgan Stanley and Bank of America.
UBS is now calling the stock at 365. Citi downgraded the stock from Neutral to sell. I have not seen any other Street downgrades.
Ferrari will continue to create value in the long term as it becomes the world’s 1st Super Luxury brand.
Ferrari is a quality 1st long term luxury products investment, BAML raised its call to 270 long term.
I have raised my long term target to 375, a Strong Bull call, the strongest on the Street and am holding the mark during this recent profit taking, and seeing RACE as a buying opportunity.
Ferrari has an average rating of Buy and a consensus target price at 231.99.
The Maranello Outfit’s shares were raised downgraded from Buy to Hold at HSBC.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I am calling it 375 long term, the Top on the Street, and adjusting it to 250/share short term.
A number of large investors have recently bought shares of RACE, and there have been very few instances of insider selling over the past yr that we have seen. And Ferrari continues to buy back its stock in here.
The stock is considered defensive in the sector.
Have a positive week, Keep the Faith!
