Ferrari’s (NYSE:RACE) F1 team Boss Mattia Binotto hopes his team can help to “put a smile on people’s faces” in Australia as a distraction from the growing coronavirus crisis.
Ferrari has been the focus of concerns about the opening races of the season going ahead because of a lockdown in northern Italy including the province where it is HQ’d.
Italy has become the worst affected country outside of China, where the COVID-19 outbreak began with 5735 people confirmed to have been infected.
Ferrari confirmed Sunday that its travel plans had not been compromised by the lockdown and that its personnel would make it to Melbourne for the 1st round of the F1 season without problems.
Speaking in a preview issued by the team, Boss Binotto says Ferrari is “united” as it headed to Australia.
“After a long Winter working on building and developing our new car, the time has come to get a 1st indication of our performance level and how effective are the improvements we have introduced over the past few months”.
We know that the opposition is strong, but we also know that it is the start of a long season where development rate, reliability, and our operational effectiveness will be Key.
“We are geared up to tackle all these challenges as a united team, conscious of the progress that needs to be made and proud of the support of our fans worldwide.
“At what is a difficult time for Italy and the world as a whole, as part of a global sport, it is our obligation to try and put a smile on people’s faces as they prepare to watch the first race of the season with the same sense of anticipation as ourselves.”
HeffX-LTN overall technical outlook for RACE is Neutral to Bullish, there is Key resistance 164.05 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 138, -14.28 Monday 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.