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Ferrari (NYSE:RACE) ‘The Best of the Best’

#Ferrari

$RACE

The 1954 Ferrari 750 Monza (pictured above) has been crowned the Winner of The Peninsula Classics 2020 Best of the Best Award.

This vintage Ferrari won Best of Show at the Cavallino Classic in Florida in January 2020, it was shortlisted along with a 1929 Duesenberg Model J Town Limousine owned by The Lehrman Collection that was Best of Show at the Amelia Island Concours d’Elegance last March, the 1970 Le Mans-winning Porsche 917K that took top honors at the Concours of Elegance at Hampton Court Palace in September, and Salon Privé’s winner, the 1931 Alfa Romeo 8C-2300 Monza Spider by Zagato, in which Tazio Nuvolari won the ’32 Coppa Principe di Piemonte for Scuderia Ferrari.

The750 Monza made its debut with a 2-litre engine at the 1st Grand Prix at Imola Autodrome in June 1954, where Umberto Maglioli drove it to victory.

Then with a 3-litre engine installed, it won that year’s Monsanto Grand Prix, as well as claiming a 1st and a 2nd during Nassau Race Week.

It then was shipped to California. Its new owner Sterling Edwards who founded the Pebble Beach Road Races in which, in 1955 and 56, this car took 4 wins and a pair of 1st-in-Class finishes.

Bob Whitmer was its next owner and he raced it with a Chevy V8 until the early 1960’s, it then spent 50 yrs disassembled.

Today’s owners, Jill and Tom Peck, embarked a 2+ yr restoration in *2016 to bring this Scaglietti-bodied 750 Monza back to best, and today it is liveried in the 1954 Carrera Panamericana paint.

The car then received the Enzo Ferrari Award at 2019’s Pebble Beach Concours d’Elegance, ahead of its Cavallino Classic Best of Show.

Like so many classic cars this 1 was both a labor of love and the product of dedicated teamwork. The Best of the Best Award is a crowning achievement for everyone involved. Congrats to the Peck’s.

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

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 is closed Monday 208.68 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.

All technical indicators have turned Neutral to Bullish. Ferrari’s stock is oversold in here, but the pattern indicates the confirmation of the break out at 196.01 on 3 November and has confirmed.

The Key support is at 204.44 and the Key resistance is at 211.41 at the close Monday in NY.

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 243.60.

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 250/share short term.

A number of large investors have recently bought shares of RACE, and there has been just 1 instance of insider selling over the past yr that we have seen.

The stock is considered defensive in the sector.

Have a healthy day, Keep the Faith!

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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.   
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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