Ferrari (NYSE:RACE) is adamant its pace in testing was “true” after suggestions the team was ‘sandbagging’ with its new SF1000 racer.
Sebastian Vettel and Charles Leclerc both strayed from Top times across the 6 days of testing in Barcelona last month, instead trying to understand the new car as the team aims to end a 13-yr title drought.
After testing, which was led by world champions MercedesAMG, Ferrari conceded it expected to start the new season behind their rivals despite the Silver Arrows encountering reliability issues.
Ferrari was believed by many, after testing, to have fallen behind Red Bull Racing among the Top 3 teams, but those expectations will have to wait until at least June as the season start has been delayed due to the COVID-19 pandemic.
Once the season starts, all eyes will be on The Scuderia and whether the famous Italian outfit has closed the gap on MercedesAMG.
“We have analysed the data, I do not think there is anything wrong in terms of correlation. That’s the true performance of the car,” Ferrari team Boss Mattia Binotto said.
“Where will be compared to the others? Barcelona is always testing, you need to wait for the first three races to understand where you are.
“It’s important for us as a team to continue progressing, to have solid race weekends, from the team, driver and reliability point of view.”
Ferrari finished at 154.06, +9.11 Wednesday 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 (after the virus) and siding with BAML to 230 long term for now.
Have a healthy day, stay home!