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Wednesday, April 21, 2021
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Ferrari (NYSE:RACE) Looking Inside of the Company for its New CEO

#Ferrari

$RACE

After Louis Camilleri suddenly resigned as CEO of Ferrari (NYSE:RACE) the wildest rumors have been circulating about his successor.

Current directors at Vodafone and Apple, and some others, have been mentioned too. But, Thursday, 31 December another name came up from within the company’s ranks.

With Mr. Camilleri, Ferrari brought in a man from outside the automobile industry, and that was a good thing. This is not a requirement for the new CEO and Ferrari wants to bring in an executive who can make money for the company. The best thing is if someone from the inside can do that.

And that person could be Andrea Agnelli. He is the current Chairman of Juventus Football Club (OTC:JVTFS) and via his family has close links with Ferrari. The Agnelli family is FIAT (NYSE:FCAU) and Ferrari.

If Andrea Agnelli would be appointed as CEO of the Maranello Outfit, we might also see Maurizio Arrivabene again. The 2 became friends during a previous collaboration at Ferrari and Mr. Arrivabene followed Mr. Agnelli to Juventus, where he ended up in the boardroom.

Ferrari is The Aristocrat of the automotive sector.

Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos

HeffX-LTN overall technical outlook for RACE is overall Very Bullish, the Key resistance is at, the Key support is at .

Our overall technical outlook is Very Bullish, a Key indicators are Bullish long-term. Ferrari reported strong earnings for Q-3 on 3 November.

Ferrari finished trading Thursday at 229.52, -0.17 against it 52 wk range of 127.73 – 233.66 in NY. It’s all time high in NY was marked at 233.66 intraday on 29 December.

All technical indicators are Very Bullish the Key support is at 228.34, the Key resistance is 234.00.

Ferrari’s stock is undervalued in here, and the pattern indicates that all of the year end profit taking is over.

Note: At the beginning of Y 2020 I called RACE at 230 by year’s end, the stock was trading at 165.22 on 1 January 2020, I have since raised our target.

The Maranello Outfit’s shares were raised to Buy from Hold at HSBC, Morgan Stanley and Bank of America. UBS is now calling the stock at 365.

Ferrari will continue to create value in the long term as it becomes the world’s 1st Super Luxury brand.

Ferrari is a quality 1st long term luxury products investment, BAML raised its call to 270 long term.

I have raised my long term target to 375, a Strong Bull call, the strongest on the Street.

Ferrari has an average rating of Buy and a consensus target price at 219.80.

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 am calling it 375 long term , the Top on the Street, and adjusting it to 230/share short term.

A number of large investors have recently bought shares of RACE, and there is no insider selling.

The stock is now considered defensive in the sector.

Have a healthy Holiday weekend, Keep the Faith!

 

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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