Friday, Ferrari (NYSE:RACE) team Boss Mattia Binotto said he was less optimistic about his team’s pace than he had been in testing last year and rivals were faster than them.
Champions MercedesAMG have been very quick in the 1st week of testing at Barcelona’s Circuit de Catalunya while Ferrari, their closest rivals last year, stood out Friday due to an engine problem that halted Sebastian Vettel.
Wednesday, the 1st day all of the Y 2020 cars were out on track together, Ferrari’s Charles Leclerc managed the 11th fastest time.
Mr. Vettel was 6th and Mr. Leclerc 8th on the Thursday timesheets.
Mr. Leclerc said afterwards that Ferrari were taking a different approach after last year setting the pace on the test track but then having their hopes dashed in the opening races.
“The others are faster than us at the moment, I believe,” Boss Binotto said Friday.
“How much faster I think it is really difficult to judge. We will go through all the data in the next days, but I don’t think we are as fast as them at the moment.”
He was speaking after MercedesAMGs’ Valtteri Bottas had lapped 3/10th sec off his Pole position time from last year’s Spanish Grand Prix, which remains an all-time track record.
“Do we have any concerns? Certainly yes, when you are not as fast as you would like to be,” continued Boss Binotto. “But I think it’s really too early to define them and to understand.
“So these 3 days for us have been very important because at least we have collected all the data now to have a clear picture and better understanding.”
Providing some hope for Ferrari fans desperate for the team’s 1st title since Y 2008, when they won the constructors’ championship, Boss Binotto said the season was long and all was not lost.
“I think there will be time to recover eventually,” he said. “I think Ferrari will be a beater if you consider the overall of the season. Will Ferrari be a beater already in Australia? Maybe not.”
F1 testing Day 3 in review
The season, which could be a record 22 races if the Chinese Grand Prix is reinstated later in the year after being called off due to the coronavirus, starts in Melbourne on March 15.
There are 3 more days of testing in Barcelona next week.
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 176.62, and Key support is solid at 169.46, the stock has established strong long term support. The MACD is Very Bullish in here.
Ferrari finished at 172.79, -5.06 Friday 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.
Have a terrific weekend.