Ferrari (NYSE:RACE) says it will continue its quick turnaround of new models in a bid to boost engagement with its customer base.
The iconic Italian Supercar manufacturer has, in recent years, sped up the life cycle of its models. For example, the F8 Tributo launched just 4 years after the 488 GTB.
Ferrari Middle East CE Dieter Knechtel said at the Australian launch of the F8 Tributo that Ferrari’s model is Ferraris, that the other have moved to follow our success.
“We love our competitors and we think competition is always healthy. It’s good for everybody,” he said. “We are looking at what the other brands are doing, but this is not the reason for faster model turnaround. We want to take opportunities in the market if we have the chance to take them. We’re diversifying the model range in areas where we haven’t previously been in the past. Out of this, we’ve announced a model plan that takes us out to 2022. There’s a reason behind all this. We believe we can engage and attract more people to the brand, new people to the brand.”
The F8 Tributo features the same 3.9-liter twin-turbocharged V8 as the Ferrari 488 Pista and pumps out an impressive 710 HP and 568 lb-ft (770 Nm) of torque. It accelerates to 62 mph (100 km/h) in a blistering 2.9 seconds, 124 mph (200 km/h) in 7.8 secs, and tops out at 211 mph (340 km/h).
Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.
HeffX-LTN overall technical outlook for RACE is Neutral to Bearish, overhead resistance is at 158.55 and support at 155.35 all Key indicators are flashing Neutral to Bullish in here. Ferrari finished at 158.01, +0.26 Monday in NY.
Note: Goldman Sachs upgraded Ferrari to ‘buy‘ from ‘neutral ‘calling the stock’s pullback a good “entry point.” “We upgrade Ferrari from Neutral to Buy, offering 15% upside to our new price targets of 182. Our thesis, outlined in Life of Luxury published last month, is fundamentally unchanged post Ferrari’s in-line 2-Q results. We view the stock’s recent pullback (-7.5% since July 16) as a good entry point in here.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term investment, and I see it at 200/share in that frame.