F1: Ferrari (NYSE:RACE) May Pull Out of the Australian Grand Prix on Virus Issues

F1: Ferrari (NYSE:RACE) May Pull Out of the Australian Grand Prix on Virus Issues

$RACE

Headlines: Ferrari Team Boss Mattia Binotto said the team would need travel assurances before travelling and Australian Grand Prix bosses has said the race is ‘all systems go

Ferrari (NYSE:RACE) has threatened to pull out of the Melbourne Grand Prix due to coronavirus fears. 

Ferrari team Boss Mattia Binotto said the team wants to compete in the F1 season opener on 15 March, but not without assurances about what measures will be taken to prevent the spread of the virus while they are in Australia.

“What we will need is simply to have assurance before leaving,” Boss Binotto said.

If there are any medical screenings, we need to know about them. You need to know exactly what’s about. 

We need to understand what are the consequences in case of any problem?

Ferrari have won the Australian Grand Prix 12 times, with their last victory was in Y 2018. 

The concerns come as the government in Italy – where Ferrari is based – suspended all sporting events in the country.

On Monday, the Civil Protection Authority confirmed there are 1,694 coronavirus cases in Italy, and that 35 people have died in the country as a result of the virus. 

Australian Grand Prix chief executive Andrew Westacott said the event was “all systems go“.

At this stage there is no indication of further travel bans, nor is there any indication that Formula One and the teams will not be arriving as usual,” he said.

Formula One has again confirmed overnight that the Australian Grand Prix is going ahead.

Ferrari is the Aristocrat of the automotive sector.

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 Bullish, there is resistance 167.55 and Key support is at 159.65. As a bottom was put in Friday at 152.51.

Ferrari finished at 161.21, +3.46 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

Stay tuned…

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