“The 296 GTB is for clients who want to achieve the most fun to drive,” says Ferrari’s chief marketing officer Enrico Galliera.
Ferrari’s newest supercar will be an 818-horsepower plug-in hybrid with a V6 engine that can go from Zero to 60 mph in under 3 secs. But, even with all that power and speed, Ferrari says this car is mostly about fun. When it goes into production early this yr, the 296 GTB will be the 1st 6-cylinder sports car made by Ferrari since the mid-1970s. It is the 1st V6 car to bear the company’s own brand name. Ferrari executives promised that it will be among the most enjoyable to drive.
The new Ferrari model will cost about €296,000 in Italy, including taxes. That figure is equivalent to about $353,000. Ferrari has not yet said how much it will cost in other markets.
Ferrari is The Aristocrat of the automotive sector.
Ferrari is 1 of the most recognizable brands in the world, even becoming the world’s strongest luxury brand in Y 2021, according to Brand Finance. Its Brand Strength Index scored 93.9 pts out of 100 and has a brand strength of AAA+.
Our overall technical outlook is still Bullish, all 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 finished Friday at 257.02 within its 52 wk range of 127.73 – 275.30 in NY, down from its all time closing high at 275.30 on 22nd November.
Key technical indicators are Bullish across the board. The candlestick pattern indicated the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key resistance is at 258.04, the Key support is at 253.09, our Key technical indicators are now Neutral to Bullish.
Societe Generale places a Street high price target of $290 on RACE as compared to the average sell-side price target at 195.93. Most Street analysts still do not know how to view Ferrari.
Morgan Stanley called out $RACE a “sleeper” EV play as the firm can justify more than 100% of the company’s value with its ICE business. MS’s new price target of $350 reps more than 35% Northside potential for shares and is above the average analyst 1 yr target is at 208.29.
MS automotive analyst says, “Longer term, we see scope for Ferrari to offer a range of EV products at potentially higher prices than the average selling price of today’s Ferrari, while leveraging economies of scale on higher volumes.“
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, an 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. 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 208.29.
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 call 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 happy, prosperous weekend, Keep the Faith!