Ferrari (NYSE:RACE) is extending the suspension of production at its Maranello and Modena plants by about 3 wks to 3 May after Italy’s government extended a nationwide lockdown.
Ferrari, and Fiat Chrysler (NYSE:FCAU), 1st announced in mid-March that it was halting production in Italy due to disruptions in component parts shipments because of the coronavirus, it extended the shutdowns 2 wks ago.
The company says it will continue to pay employees for workers unable to work remotely.
The Maranello Outfit will hold its annual shareholders meeting 16 April in Amsterdam.
Our overall technical outlook is Bullish at the week ended 9 April 2020.
Ferrari finished at 157.04, +3.03 Thursday in NY, the Maranello Outfit’s 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 happy healthy Easter and Passover weekend, stay home, Keep the Faith!