Ferrari (NYSE:RACE) informs that it will partner with AF Corse for its forthcoming Le Mans Hypercar program in Y 2023. The team will compete under the banner of Ferrari-AF Corse
The iconic Italian marque feels a continuation of its long-standing relationship with Amato Ferrari’s team is the best way to prepare for its return to the Top tier of sportscar racing.
Ferrari will develop its own chassis to compete in the FIA WEC and Le Mans 24 Hours, and compete against Toyota, Peugeot, Glickenhaus and LMDh manufacturers such as Porsche and Audi.
AF Corse has a long history of competing with Ferrari at an elite level of sportscars in the GT ranks, having fielded GTE cars in each season since the inaugural campaign in Y 2012.
During that time it has both serviced customers and run the factory-blessed cars in GTE Pro, winning its class at the Le Mans 24 Hours 3X and scored five WEC GTE Manufacturers’ titles.
AF Corse team owner Amato Ferrari added: “We are proud of this announcement. It is the crowning of a dream and recognition of the great effort made over the years. Our partnership with Ferrari is a winning one that began in 2006, and I am delighted to continue it in the LMH project.
“We have immediately kicked off with great enthusiasm, aiming to raise the bar even further and to be ready for this new challenge.”
There is no information on the future of AF Corse’s GTE program in both the Pro and Am classes. It is notable that this news comes amid a season in which the GTE Pro class in the FIA WEC is currently down to just two manufacturers following Aston Martin’s departure at the end of the 2019-2020 season.
AF Corse currently competes against Porsche, which is also due to return to the FIA WEC’s Top class in Y 2023, with a Multimatic-based LMDh prototype.
Ferrari is The Aristocrat of the automotive sector.
Ferrari is trading at 217.79 within its 52 wk range of 127.73 – 233.66 Tuesday in NY. It’s all time high in NY was marked at 233.66 intraday on 29 December.
Key technical indicators are now Bullish to Very Bullish long term. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is at 216.39 and the Key resistance is at 233.66. The 14 May DOJI candlestick augurs a move further North.
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, on 29 December 2020 it marked 233.66 intraday, its all time high
The Maranello Outfit’s shares were raised to Buy from Hold at HSBC, and Buys at Morgan Stanley and Bank of America.
UBS is now calling the stock at 365. Citi downgraded the stock from Neutral to sell. I have not seen any other Street downgrades.
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 and am holding the mark during this recent profit taking, and seeing RACE as a buying opportunity.
Ferrari has an average rating of Buy and a consensus target price at 231.99.
The Maranello Outfit’s shares were raised downgraded from Buy to 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 250/share short term.
A number of large investors have recently bought shares of RACE, and there have been very few instances of insider selling over the past yr that we have seen. And Ferrari continues to buy back its stock in here.
The stock is considered defensive in the sector.
Have a healthy day, Keep the Faith!
