#Ferrari #F1 #Monaco #Leclerc
Charles Leclerc has never made it to Q-3 at his home race before. But the Monegasque looks in a good position to achieve that this weekend judging by his Free Practice 2 performance for the Monaco Grand Prix, as he headed Ferrari team mate Carlos Sainz by a 10th at the Top of the time sheets, as MercedesAMGs’ Lewis Hamilton took 2rd.
It had looked for a long time like Carlos Sainz would be finishing the session as the fastest driver, before a late effort in the qualifying simulations saw Leclerc take the P1 spot a fine response after gearbox issues sidelined him for the majority of the morning session, as he wound up 0.112s ahead of Mr. Sainz, in is a fantastic result for the Scuderia.
Mr. Sainz said Wednesday in Monaco that this weekend would be a good indicator of his confidence levels in the Ferrari SF21. And on the evidence of Free Practice 2, he is looking very confident indeed, following up his P2 in FP1 with the same position in FP2, heading Mr. Hamilton by 0.278s, with the Ferraris the only 2 cars in the 1m 11s around the Principality so far.
Mr. Hamilton was narrowly ahead of the Red Bull of chief title rival Max Verstappen, who complained of understeer in the session, as the second MercedesAMG of Valtteri Bottas claimed P5, 0.423s off the pace of Mr. Leclerc.
Ferrari is The Aristocrat of the automotive sector.
Ferrari is trading pre-market Friday at 2.11.20 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 Bullish. Though the candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is at 207.62 and the Key resistance is at 217. The 14 May DOJI candlestick augurs a move further 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 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 happy, healthily race weekend, Keep the Faith!
