Ferrari (NYSE:RACE) HeffX-LTN’s Stock of the Year, Bullish Breakout

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Ferrari (NYSE:RACE) HeffX-LTN’s Stock of the Year, Bullish Breakout

Ferrari (NYSE:RACE) HeffX-LTN’s Stock of the Year, Bullish Breakout

$RACE

Ferrari (NYSE:RACE) is HeffX-LTN’s stock of the Year fueled by accelerating earnings growth.

The iconic Italian Supercar maker’s shares rallied 2.4% to 143.96 on NYSE Wednesday breaking overhead resistance at 141.66 in it consolidation pattern.

The chart is telling me that the stock is spring loaded for a big move North, especially if the overall stock market turns higher.

At the beginning of this year I called the stock at 200/share long term, I am sticking with that call.

This technical formation usually happens among the strongest stocks when the general market comes under selling pressure, and Ferrari has proven it is an Aristocrat stock, it pay dividends too.

Wednesday’s volume was robust, and the stock’s relative strength line on a weekly lines confirm the Bullish breakout.

Remember, Fiat Chrysler (NYSE:FCAU) in October 2016, and since then Ferrari has been a consistent strong performer on the world wide popularity of its ultra luxury high performance cars.

Known world wide for its Supercars, Ferrari is also the oldest and most successful team in F1, the world’s Tier 1 motorsport.

The Scuderia Team has won 16 constructors titles and 15 drivers titles. Its sporting heritage is a Key driver for it brand’s prestige.

Since its IPO, Ferrari has been showing accelerating earnings and revenue growth in all Quarters. In the last Quarter it scored a 2X Street beat as EPS rose to 96c, and revenue jumped to $1.02-B. Deliveries were up 6.2% to 2,128 vehicles.

The stock leads the automakers industry group by a long lap, it is the world’s #1 automotive brand.

Stay tuned…

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