#Ferrari
Ferrari (NYSE:RACE) announced this wk that it has published the agenda and the explanatory notes for the 2021 Annual General Meeting of Shareholders (AGM), which will be held virtually on April 15, 2021, beginning at 12:00 Noon CEST. To protect the health and safety of all participants in connection with the Covid-19 outbreak, Shareholders will not be allowed to attend the meeting in person.
Ferrari’s AGM notice and explanatory notes, other AGM materials and, in light of the continuing Covid-19 outbreak, instructions for voting and submitting questions in advance of the meeting and to follow the AGM remotely, are available under the section Investors on Ferrari’s corporate website at http://corporate.ferrari.com, where they can be viewed and downloaded.
Shareholders may request a hard copy of these materials, which include Ferrari’s audited financial statements, free of charge, through the contact below.
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Ferrari is The Aristocrat of the automotive sector.
Ferrari closed Friday 188.90 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.
A Key technical indicator has turned Very Bullish. Ferrari’s stock is very oversold in here, but the pattern still indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is at 184.33 and the Key resistance is at 193.94 at the close Friday in NY.
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 243.60.
The Maranello Outfit’s shares were raised downgraded from Buy to Hold at HSBC Thursday.
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 has been just 1 instance of insider selling over the past yr that we have seen.
The stock is considered defensive in the sector.
Have a healthy weekend, Keep the Faith!
