Ferrari (NYSE:RACE) stated that it has activated rigorous preventive measures to ensure the highest standards of health procedures for its employees.
Ferrari’s announcement follows the decree on COVID-19 issued by the Italian Government. The workforce present in Maranello and Modena has been reduced to a minimum, while remaining personnel is working remotely, the company noted.
Ferrari said it will continue to assess the appropriate balance between the wellbeing of employees with the needs of both partners and clients.
Ferrari stated that the company has not confronted any issues that would materially affect its manufacturing plans yet.
Ferrari is the Aristocrat of the automotive sector.
HeffX-LTN overall technical outlook for RACE is Neutral to Bullish, there is Key resistance 167.46 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 142.28, or +12.29 Friday 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
