F1: Ferrari (NYSE:RACE) says Seb Vettel’s Engine Shutdown During Last Week’s Testing Not an Issue

F1: Ferrari (NYSE:RACE) says Seb Vettel’s Engine Shutdown During Last Week’s Testing Not an Issue

$RACE

Ferrari (NYSE:RACE) have gotten to the bottom of Sebastian Vettel’s engine problem at the 1st pre-season F1 test in Spain last week and are not worried about it, the team said Monday.

The Scuderia spokesman said the engine was stripped and checked back at their Maranello factory after the failure at the Circuit de Catalunya.

The fault was traced to a non-structural problem with the lubrication system. It’s not a cause for concern and work to correct it is already underway,” Ferrari said in a statement on their website http://www.ferrari.com.

There are 3 more days of testing at the Spanish circuit this week before the cars are sent to Australia for the 15 March Grand Prix opener in Melbourne.

Sebastian Vettel and Charles Leclerc will share duties in the car when testing resumes Wednesday.

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 167.90, and Key support is at 159.90. The Stochastic is Very Bullish in here, as the stock is very oversold.

Ferrari finished at 161.51, -1.48 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

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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