Ferrari’s (NYSE:RACE) F1 team have all gone into self-isolation since their return from the Australian Grand Prix.
The move is a precaution, as no member of the team have so far had any symptoms of the coronavirus, Ferrari said.
Ferrari F1 team members who travelled to Melbourne are to be in quarantine for 14 days from the time they left the paddock at Albert Park.
It is not clear when Ferrari’s F1 team will return, because the company’s factories are shut down until 27 March, with no information as to the policy the company will pursue after that date.
The company made the decision to stop production in both its road car and F1 factories in Modena and Maranello because of the seriousness of the coronavirus outbreak in Italy.
Meanwhile, The Agnelli Family who control Fiat and Ferrari have donated EUR 10-M to help the fight against the coronavirus in Italy.
The money was sent to the Civil Protection Department to deal with the emergency at a national level, and The Agnellis are also buying 150 ventilators from outside Italy to treat people suffering serious symptoms, as well as supplying a fleet of cars to distribute food and medicine to patients, the elderly and other people in need of assistance across Italy.
HeffX-LTN overall technical outlook for RACE is Neutral, there is Key resistance 167.46 and support is NIL, 1 of my Key indicators the Stochastics has turned Very Bullish as the stock is very oversold in here.
Ferrari finished at 136.61, or +7.29 Tuesday 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 healthy day