Gooding & Company, the official auction house of the Pebble Beach Concours d’Elegance, is proud to announce its presentation of the highly anticipated Pebble Beach Auctions next weekend.
The Auctions, taking place on August 13 and 14 at the Parc du Concours, will host the world’s foremost car collectors, buyers, and sellers at the esteemed venue in Pebble Beach, California at the 70th anni of the Concours d’Elegance.
Since the 1950s, Pebble Beach has been revered as the ultimate destination for collector car enthusiasts. For the past seventeen years, Gooding & Company has offered its international audience of passionate, devoted participants an exclusive and unparalleled experience at Pebble Beach Auto Week.
This yr, the auction house will continue to showcase its prominence for selling the world’s most prized and valuable collector cars.
The star of the show
1959 FERRARI 250 GT LWB CALIFORNIA SPIDER COMPETIZIONE Coachwork by Scaglietti
Estimate: $10,000,000 – $12,000,000
Chassis: 1235 GT
Engine: 1235 GT
A LWB Covered-Headlight California Spider with Factory-Competition Features
Equipped with Velocity Stacks, Cold Air Box, Hi-Lift Cams, Ribbed Gearbox, Long-Range Fuel Tank, and External Fuel Filler
Period Racing History Includes the 1959 Coppa Inter-Europa di Monza
Matching-Numbers Engine and Gearbox per Factory Build Sheets
Recently Restored and Presented in its Original Tricolore Livery
Accompanied by Massini Report, Unrestored Hardtop, Period Photos, and Records
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 Friday at 219.46 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 Bullish mid to 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 219.37 and the resistance is light at 220.77, Nil above. The 3 August Dragon Fly Doji candlestick will likely confirm a return to the Very Bullish trend.
All of our Key technical indicators have turned Very Bullish across the board.
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. 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 Super Pebble Beach Automotive week, Keep the Faith!