#Ferrari #Purosangue #Thoroughbred
The Ferrari (NYSE:RACE)Purosangue development is moving forward on the track and European roads.
The exterior design has a few tweaks from the existing Maserati Levante. The headlights appear to be different pieces, or the shape is at least distinct because of the tape covering the lamps. The hood is rounder.
The engineers fit fender extensions, hinting at a wider track for the Ferrari than the Maserati. At the back, the lower fascia is a placeholder, and a pair of unfinished exhaust pipes come out of each side.
Despite using the Levante body for testing, the Purosangue rides on a completely different platform. The underpinning puts the engine behind the front axle and the dual-clutch automatic at the back for a setup to improve weight balance. The layout can support all-wheel drive.
The Purosangue will be able to support hybrid powertrains. An electrically assisted V12 is reportedly 1 of the engines coming to Ferrari’s 1st crossover vehicle.
The Purosangue will have a variable ride height, likely through an air suspension. Judging by the spy shots, drivers can lower the crossover to sit very near the road. The images so far do not suggest a person can lift the vehicle high enough to clear large or medium-sized obstacles. Do not expect this Prancing Horse to do any off-roading.
The Purosangue’s platform can support multiple wheelbase lengths, depending on how much room the company wants to make for occupants in the models using it.
Ferrari’s documentation about the setup indicates there would spacious and comfortable space on the inside.
The Purosangue will not debut until Y 2022, so I expect to see lots of spy shots of the development before the premiere. It will go on sale in the United States for the Y 2023 model year.
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 Thursday at 208.04 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 indicator have turned Very Bullish. The candlestick pattern indicates the confirmation of the break out at 196.01 on 3 November and confirmed.
The Key support is strong at 203.22 and the Key resistance is at 214.85 at the close Thursday 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 downgraded from Buy to Hold at HSBC Thursday.
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.
The stock is considered defensive in the sector.
Have a healthy, happy holiday weekend, Keep the Faith!
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