The unveiling of a new Ferrari (NYSE:RACE) Supercar is good reason car fans to celebrate.
Ferrari has announced that it will be expanding the offerings it has for easier-to-drive GT (grand touring cars). Word of the new GT offering came from Ferrari Chairman John Elkann at Pebble Beach Saturday.
The executive also hinted that a new Ferrari GT car might be ready to debut to the public in November. Ferrari has said in the past that as much as 40% of its total sales could come from GT cars by Y 2022.
Right now GTs account for 40% of its sales. Ferrari is also planning to add a model called the Purosangue, as FUV to compete with SUVs from Lamborghini a unit of Volkswagen, and others.
Ferrari makes less than 10,000 units annually and there is a waiting list for its Supercars.
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 160.24, and support at 154.42, all Key indicators are flashing Bullish in here. Ferrari finished at 156.18, +0.35 Monday 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% 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.
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