Ferrari (NYSE:RACE) Chairman John Elkann said at the annual Concours d’Elegance event in Pebble Beach, California, that Ferrari will continue to expand its GT car lineup.
The iconic Italian luxury sports carmaker also released the F8 Tributo, which has classic Ferrari features. The company said that sales for the F8 Tributo were higher than expected during Q-2 of Y 2019.
“Five new Ferrari models or variants will come in 2019, which is probably the biggest effort,” Ferrari Senior Vice President of Commercial and Marketing Enrico Galliera told Australia’s WhichCar in February. “It’s the start of the new generation of product.”
Ferrari’s presence at Pebble Beach Concours d’Elegance is a regular event, as the charitable event for luxury car collectors is widely considered to be the most prestigious car show in the world. The event draws thousands of car enthusiasts and collectors to the Central California coast.
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 Neutral to Bullish, overhead resistance is at 155.73, and support at 153.31, all Key indicators are flashing Neutral to Bearish in here. Ferrari finished at 155.03, -1.15 Tuesday in NY.
Note: Goldman Sachs upgraded Ferrari to ‘buy‘ from ‘neutral ‘calling the stock’s pullback a good “entry point.” “We upgrade Ferrari from Neutral to Buy, offering 15% upside to our new price targets of 182. Our thesis, outlined in Life of Luxury published last month, is fundamentally unchanged post Ferrari’s in-line 2-Q results. We view the stock’s recent pullback (-7.5% since July 16) as a good entry point in here.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term investment, and I see it at 200/share in that frame.