The Ferrari296GTB is revolutionary: the new 120° V6 engine coupled with a plug-in (PHEV) electric motor capable of delivering up to 830 cv will be leaving the gates of Maranello for the 1st time. This mid-rear-engined berlinetta redefines the idea of Fun to Drive.
Ferrari (NYSE:RACE) has yet to confirm any details about the new model, but a teaser video featuring 2019 F1 Pro Series world champion David Tonizza hints that it will be a radical departure from the Maranello Outfit’s current line-up.
The video below does not give a glimpse of the car itself, but it appears to show the Ferrari e-Sports driver using a real car’s steering wheel and includes a brief audio clip of an engine being fired up.
It is thought that the new model will be the entry-level hybrid Supercar confirmed by Ferrari in Y 2018. Codenamed F171, the new car is expected to use an electrified V6 powertrain making it the firm’s 2nd hybrid capable of electric-only driving, following the SF90 Stradale.
It is understood the car will use a twin-turbocharged 3.0-litre V6 and single electric motor, with a combined output of around 700bhp. Unlike the all-wheel-drive SF90, this new model will be rear wheel drive only.
The hybrid powertrain will also appear in the upcoming Purosangue FUV and will be Key to driving the brand’s electrification efforts, which will include a fully electric model by Y 2025.
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 Wednesday at 200.11 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 are Bearish in here, but Bullish long term. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is at 197.81, and the Key resistance is at 208.17. The 16 June 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.
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 231.99.
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 day, Keep the Faith!