Ferrari (NYSE:RACE) Chairman John Elkann has been named the honorary starter for this yr’s 24 Hours of Le Mans.
Mr. Elkann will wave the French flag ahead of the famous endurance race on 21 August at 4p.
At the end of February, Ferrari announced it would be ending its 50-yr absence from the Top flight of sportscar racing in Y 2023.
The Italian marquee has won the 24 Hours of Le Mans 9X, last win was in Y 1965.
Mr. Elkann described the news “a truly exceptional privilege and one filled with emotion for me”.
“To wave the flag that starts the 24 Hours of Le Mans, one of the world’s iconic motor races, is a truly exceptional privilege and one filled with emotion for me,” Mr. Elkann said. “Le Mans is much more than a challenge of mechanical endurance. It is a unique space in time that recalls some of the greatest racing rivalries of the past, and creates new tales and legends every year it is run.
“Ferrari’s history, that also binds us to these 24 hours, is one of passion, excitement and success at Le Mans that began in 1949. But above all, it is a story of innovation, technological daring and dramatic sporting challenge at the very highest level. All of which also explains our recent decision to bring Ferrari back to the Hypercar class and to Le Mans in 2023.
“This year’s eagerly awaited race welcomes back the fans whose presence is so fundamental to its magic. I would like to thank the Automobile Club de l’Ouest for its incredible work and of course for this exceptional privilege of starting the 24 hours of 2021.”
Ferrari is The Aristocrat of the automotive sector.
Our overall technical outlook is still Bullish, a Key indicators are Bullish long-term. Ferrari reported strong earnings for Q-3 on 3 November and did the same for Q-4 and F-Y 2020 as reported on 2 February.
Ferrari closed Friday at 209.08 within its 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.
Key technical indicators have turned Very Bullish in here. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is at 206.77, and the Key resistance is now at 209.77. The 7 July Doji candlestick augurs a return to the Very Bullish trend.
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 and MS raised its call to 265 Thursday.
I 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 231.01.
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 positive weekend, Keep the Faith!