Ferrari (NYSE: RACE) declared Tuesday that its factory and HQ’s are operating despite being located inside the area of Italy that has been placed under quarantine to prevent the spread of the coronavirus.
Ferrari employees have a reason to work!
In a statement, Ferrari said that the measures introduced by the Italian government on 8 March allow for some level of “continued working activity,” and that it has taken all of the steps required to try to protect its employees as they continue to work.
Over 7,000 people in Italy have tested positive for COVID-19, most in the country’s northern industrial provinces.
The government has put a large area of northern Italy, including the cities of Milan and Modena, under quarantine measures to try to contain the spread of the virus.
Ferrari builds about 10,000 cars a year at its factory in Maranello, near Modena, Italy.
Ferrari said that the situation may change, as it remains in ongoing discussions with the Italian authorities, and emphasized that the health and wellbeing of its employees is the priority.
Ferrari’s F1 racing team said that its plans for this weekend’s Australian Grand Prix, in Melbourne, are going ahead despite travel restrictions. Team officials said that some team members and equipment are in Australia, and that its plans will proceed as scheduled unless government officials tell it otherwise.
HeffX-LTN overall technical outlook for RACE is Neutral to Bullish, there is Key resistance 164.16 and support is NIL, 1 of my Key indicators the RSI has turned Bullish as the stock is very oversold in here.
Ferrari finished at 146.24, or +8.61 Tuesday in NY.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term and siding with BAML to 230 long term for now.