Update: Charles Leclerc took pole position for the Monaco Grand Prix for Ferrari Saturday despite crashing in the closing moments of the session. Carlos Sainz is 4th on the grid for the race Sunday. Tune in…
Ferrari (NYSE:RACE) caused a major shock on the opening day of the Monaco Grand Prix by setting the pace ahead of title challengers Red Bull Racing and MercedesAMG in second practice.
Hometown hero Charles Leclerc finished ahead of team-mate Carlos Sainz by 0.112s with a best lap of 1:11.684.
Ferrari have yet to make it to the podium this year, and last won a race 2 seasons ago, but have significantly improved following a disappointing 2020 campaign.
MercedesAMG’s Lewis Hamilton, the championship leader, finished 3rd ahead of title rival Max Verstappen.
Mr. Hamilton admitted he was surprised with Ferrari’s performance but he was “generally happy”.
The Brit racer said: “It feels really cool to be back on track. This track is absolutely mesmerizing every time you get the opportunity to drive.
“The Ferraris look really strong, it’s surprising to see them improve so much. But that’s great – it means more competition.”
FP3 is Key session. Qualifying is all important in this race, as there is little overtaking during the race.
Pole position is a huge advantage and this is the time teams dial in their cars for the race Sunday.
Late in the session saw the Red flag, and id did not restart. So, at the end of FP3, Verstappen lead then Messers Sainz, Leclerc, Bottas and Perez.
Red Bull’s Max Verstappen set the fastest time in FP3 to finish ahead of the Ferrari pair of 2nd-place Carlos Sainz and 3rd-place Charles Leclerc with Lewis Hamilton down in P7 as MercedesAMG struggled through a difficult session.
FP3 was shortened by 2 Red flags, the 1st for Nicholas Latifi’s crash at Swimming Pool with 15 mins remaining, and the 2nd for Mick Schumacher’s heavy crash 3 mins before the end of the hour as he exited Casino Square which saw the session end early.
Get up to speed with everything you need to know about the 2021 Monaco Grand Prix, which takes place over 78 laps of the 3.337-kilometre Circuit de Monaco in Monte Carlo on Sunday, 23 May. Using the links inside you can find the full weekend schedule, including details of practice and qualifying sessions, support races, press conferences and special events, plus the latest news headlines, circuit information and F1 race results.
Ferrari is The Aristocrat of the automotive sector.
Our overall technical outlook is still Bullish, a Key indicators are Bullish long-term. Ferrari reported strong earnings for Q-3 on 3 November and did the same for Q-4 and F-Y 2020 as reported on 2 February.
Ferrari finished at 211.23 within its 52 wk range of 127.73 – 233.66 in NY. It’s all time high in NY was marked at 233.66 intraday on 29 December.
Key technical indicators are now Bullish to Very Bullish long term. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is at 209.70 and the Key resistance is at 217.02. The 14 May DOJI candlestick augurs a move further North.
Note: At the beginning of Y 2020 I called RACE at 230 by year’s end, the stock was trading at 165.22 on 1 January 2020, on 29 December 2020 it marked 233.66 intraday, its all time high
The Maranello Outfit’s shares were raised to Buy from Hold at HSBC, and Buys at Morgan Stanley and Bank of America.
UBS is now calling the stock at 365. Citi downgraded the stock from Neutral to sell. I have not seen any other Street downgrades.
Ferrari will continue to create value in the long term as it becomes the world’s 1st Super Luxury brand.
Ferrari is a quality 1st long term luxury products investment, BAML raised its call to 270 long term.
I have raised my long term target to 375, a Strong Bull call, the strongest on the Street and am holding the mark during this recent profit taking, and seeing RACE as a buying opportunity.
Ferrari has an average rating of Buy and a consensus target price at 231.99.
The Maranello Outfit’s shares were raised downgraded from Buy to 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 am calling it 375 long term, the Top on the Street, and adjusting it to 250/share short term.
A number of large investors have recently bought shares of RACE, and there have been very few instances of insider selling over the past yr that we have seen. And Ferrari continues to buy back its stock in here.
The stock is considered defensive in the sector.
Have a happy healthy Grand Prix Monaco weekend, Keep the Faith!