F1: Ferrari (NYSE:RACE) Supports the Cancellation of the Australian Grand Prix

F1: Ferrari (NYSE:RACE) Supports the Cancellation of the Australian Grand Prix

$RACE

Scuderia Ferrari (NYSE:RACE) fully supports the decision taken by the FIA and F1 in conjunction with the Australian Grand Prix Corporation to cancel the Australian Grand Prix (13 – 15 March) at Melbourne’s Albert Park circuit.

The safety of all team members is our number one priority, especially as the Covid-19 pandemic continues to evolve.

We feel sorry for the fans who were due to come to Albert Park and support the F1 race with all their usual enthusiasm, as well as all those who would have been watching from around the world.

Sunday’s season-opening race, and the events leading up to it, have been cancelled due to concerns over Australia’s coronavirus outbreak.

In a joint statement F1 motorsport governing body the FIA, and the Australian Grand Prix Corporation said the decision was made after F1 team McLaren Racing revealed 1 of its members has contracted coronavirus.

“Following the confirmation that a member of the McLaren Racing Team has tested positive for COVID-19 and the team’s decision to withdraw from the Australian Grand Prix, the FIA and Formula 1 convened a meeting of the other nine team principals on Thursday evening,” the statement read.

Those discussions concluded with a majority view of the teams that the race should not go ahead at the weekend.

Event organizers said ticket holders will receive a full refund.

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 Bearish, there is Key resistance 164.15 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 129.99, or -13.05 Thursday in NY, and shares were raised to Buy from Hold at HSBC.

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.

Have a terrific weekend…

 

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