Ferrari (NYSE:RACE) said Thursday it would restart operations at its Maranello and Modena plants on 4 May, as Italy is set to start lifting its lockdowns.
The 2 plants are located in Italy’s northern Emilia-Romagna region have been closed since mid-March when Rome imposed curbs on people’s movements and froze manufacturing activities deemed as non-essential, to contain the spread of the coronavirus.
The plants will resume operations slowly, and return to full production on Friday, 8 May, Ferrari said.
Ferrari said that before resuming operations it organised training sessions for workers focused on precautionary measures they must take, as part of its “Back on Track” program, unveiled earlier this month and aimed at preparing for a safe working environment at the sites.
Under the program, Ferrari staff, families and suppliers will 1st take blood tests and will then be given an app which will alert them if they have been in close contact with any of the people taking part in the scheme who had contracted COVID-19.
Our overall technical outlook is Bullish to Very Bullish in here, 3 of my 4 Key indicators are now Very Bullish.
Ferrari finished Thursday at 155.62, -1.63.
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 healthy weekend, Keep the Faith!