Maranello, 26 January 2022 – Ferrari (NYSE:RACE) is pleased to announce that, starting from the 2022 Formula 1 season, Scuderia Ferrari will be able to count on a new Team Partner: CEVA Logistics. The multi-year agreement will also see CEVA involved in Ferrari’s other racing activities in GT racing and the Ferrari Challenge, with the Marseille-based company taking on the role of Official Logistics Partner for those series.
The company is a 100% subsidiary of the CMA CGM Group, a world leader in the field of shipping and logistics and CEVA Logistics will fulfil the role of Official Logistics Partner to Scuderia Ferrari. Its logo will feature on the side of the Maranello outfits cars, on the drivers’ race suits and on the team’s sportswear.
Mattia Binotto, General Manager and Team Principal, Scuderia Ferrari: “We are pleased to welcome CEVA Logistics as a new Team Partner to the Scuderia, a company with which we share the fundamental values of excellence, commitment, innovation and passion. In the world of motor racing, efficiency and organization are essential in order to achieve one’s goals in every area and logistics play a vital role in our daily activity, both at the track and in Maranello. With CEVA Logistics, we can count on a company that not only operates at the highest level in its sphere of activity, but is also particularly mindful of supporting us in achieving an objective that is key for Ferrari and Formula 1, namely becoming carbon neutral by 2030.”
Mathieu Friedberg, CEO, CEVA Logistics: “Ferrari is a world-renowned brand at the cutting edge of technology. This agreement is a natural fit for CEVA Logistics in our quest to become a Top 5 global logistics player, and as a Team Partner, we look forward to supporting Scuderia Ferrari in their quest to top the Formula 1 podium.”
Ferrari is The Aristocrat of the automotive sector.
Ferrari is 1 of the most recognizable brands in the world, even becoming the world’s strongest luxury brand in Y 2021, according to Brand Finance. Its Brand Strength Index scored 93.9 pts out of 100 and has a brand strength of AAA+.
Ferrari is among Morgan Stanley’s Top stock picks for 2022, ranking first on the Adam Jonas-led team’s list of favorite EV stocks for 2022. The stock has replaced General Motors as Morgan Stanley’s top pick this year. Ferrari designs, engineers, produces and sells luxury performance sports cars, and is a prospective big player in the EV sector.
Analyst Adam Jonas at Morgan Stanley holds an Overweight rating on Ferrari shares as well, as of January 2022.
Our overall technical outlook is still Bullish, all Key indicators are Bullish long-term. Ferrari reported strong earnings for Q-3 on 3 November and did the same for Q-4 and F-Y 2020 as reported on 2 February.
Ferrari finished Wednesday at 226.26 within its 52 wk range of 127.73 – 275.30 in NY, down from its all time closing high at 275.30 on 22nd November.
Key technical indicators are Bearish in here. The candlestick pattern indicated the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key resistance is at 258.38, the Key support is at 225.88, our Key technical indicators are now Bearish.
Societe Generale places a Street high price target of $290 on RACE as compared to the average sell-side price target at 195.93. Most Street analysts still do not know how to view Ferrari.
Morgan Stanley called out $RACE a “sleeper” EV play as the firm can justify more than 100% of the company’s value with its ICE business. MS’s new price target of $350 reps more than 35% Northside potential for shares and is above the average analyst 1 yr target is at 208.64.
MS automotive analyst says, “Longer term, we see scope for Ferrari to offer a range of EV products at potentially higher prices than the average selling price of today’s Ferrari, while leveraging economies of scale on higher volumes.“
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, an 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. 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 208.29.
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 call on the Street, and adjusting it to 250/share short term.
A number of large investors have recently bought shares of RACE, and Ferrari continues to buy back its stock in here.
The stock is considered defensive in the sector.
Have a prosperous day, Keep the Faith!