Ferrari (NYSE:RACE) has extended the shutdown of its 2 plants to 14 April, at which time it will restart production.
All activities that can be conducted via smart working will continue to be performed, as has been the case in recent weeks. Ferrari will cover all days of absence to those unable to take advantage of the smart working solution.
The iconic Italian Supercar maker plans to issue financial guidance during an earnings conference call on 4 May.
For now, Ferrari (NYSE:RACE) says it remains confident that it will “continue to create value for all stakeholders beyond the near-term uncertainties“.
HeffX-LTN overall technical outlook for RACE is Neutral, there is Key resistance 167.47, and support is 148.79, 2 of my Key indicators have turned Very Bullish as the stock is again very oversold from Friday’s action.
Ferrari finished at 150.03, -7.15 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 (after the virus) and siding with BAML to 230 long term for now.
Have a healthy weekend, stay home!