Ferrari (NYSE:RACE) Raised to the Top of Bank of America Merrill Lynch Buy List

Ferrari (NYSE:RACE) Raised to the Top of Bank of America Merrill Lynch Buy List

Ferrari (NYSE:RACE) Raised to the Top of Bank of America Merrill Lynch Buy List

$RACE

  • Italy’s Iconic Ferrari Raised to Bank of America’s US1 Top List Tuesday
  • Rates RACE buy, price target at 150 share

“We continue to believe that Ferrari is an iconic asset, with strong growth prospects, which makes it a very attractively priced stock following the recent sell-off,” analyst John Murphy said in a note to clients adding the company to it’s list of the best investment ideas of the bank’s fundamental equity research

Ferrari rose 4.6% in Milan, the most since August 29.

New CEO Louis Camilleri “came through” on doubts that the company’s initial Y 2022 financial outlook introduced by the former chief would remain in place.

And there is  “another whole leg of growth opportunity” well beyond Y 2022 given that targets don’t include benefit of FUV  Purosangue or even a new HyperSuper car, the analyst said.

The pressure on the company has been “overblown,” Mr. Murphy said, citing its defensive business structure that “has driven resilient financial performance even in times of economic crises.”

My sentiments exactly.

RACE has 12 buys, 8 holds, 3 sells; average price target at 138/share

Ferrari announced Tuesday that its financial results for Q-3 of Y 2018 will be released on Monday, 5 November 2018.

A live audio webcast and conference call of the 2018 Q-3 results will begin at 2.30p GMT / 3.30p CET / 9.30a EST on Monday, 5 November

Details for accessing this presentation will be available in the Investors section of Ferrari’s corporate website at http://corporate.ferrari.com prior to the event.

For those unable to participate in the live session, a replay will remain archived on Ferrari’s corporate website (http://corporate.ferrari.com) for 2 weeks after the call.

Symbol Last Trade Date Change Open High Low Volume
NYSE:RACE 121.75 16 October 2018 6.74 122.8 123.06 121.54 1,402,300
HeffX-LTN Analysis for RACE: Overall Short Intermediate Long
Neutral (-0.13) Neutral (-0.20) Bearish (-0.25) Neutral (0.06)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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