#Ferrari #F1
Charles Leclerc feels Ferrari’s latest F1 car has no “big weakness” after an encouraging start to the 2021 season.
In contrast to Y 2020, Ferrari has been fighting it out towards the front of the midfield pack with McLaren during the opening four races of the campaign and appeared to have the 3rd-quickest car at the Spanish Grand Prix.
That enabled Mr. Leclerc to convert another stunning qualifying performance into a strong P4 at the chequered flag in Barcelona, heading home Red Bull’s Sergio Perez and both McLarens.
Mr. Leclerc believes that a string of promising displays across the past few races shows that Ferrari has successfully eradicated the biggest weaknesses of its 2020 car with its updated SF21 racer.
Ferrari heads to the Monaco Grand Prix trailing McLaren by 5 pts in a tight battle for third place in the Constructors’ Championship.
It marks a monumental turnaround in form compared to Y 2020, when the Scuderia saw its worst result in 40 yrs.
“Last year was definitely a difficult season to accept where we were,” Mr. Leclerc added. “But I think the team has done a great job accepting pretty quickly that we are gonna step back and then we’ve been working in the best way possible.”
Ferrari is The Aristocrat of the automotive sector.
Ferrari Thursday finished at 197.24 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 now Neutral to Bearish. Though the candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is at 194.67 and the Key resistance is at 198.77 at the close Thursday in NY. The 13 May Homing Pigeon candlestick indicates a move back North.
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 236.92.
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 Super weekend, enjoy the racing, Keep the Faith!
