On 10 April 132 20th Century high-performance automobiles, mostly, will be presented through Bonham’s at its Supercars on Sunset auction, with many of the lots likely to become even more collectible in the yrs ahead.
It can be assumed that the 1993 Ferrari 512 TR crossing the block, estimated to fetch as much as $275,000, might be overshadowed by the 7-figure supercars in the sale. But not so fast: Every iteration of the Ferrari Testarossa keeps gaining in historical significance while looking better and better as the years go by, about 2,300 were build by the Maranello Outfit.
According to Jakob Greisen, Vice President and head of US Motoring for Bonham’s, “The 512 TR was the end of the flat-12 Ferrari era, which started with the 365 Boxer about 20 yrs earlier.” Adding that since the 512 TR represents “the more refined design of the now legendary Testarossa,” it has only become more desirable lately.
As for the one being showcased at this Bonham’s auction, Mr. Greisen notes that it “must be one of the best-preserved examples remaining. The design has aged well, although it is not subtle or understated, and the 512 TR is still very fast even by today’s standards. Neither, does it demand the high prices of other Ferrari Supercars.
This example, in original condition and showing fewer than 10,750 miles, was completed in May 1992 and wears its original Rosso Corsa livery. Its history can be traced to British Columbia, Canada, from Y 1994, with 1 owner there until Y 2019, when it came to the US. An engine-out major service including timing belt belts was performed by an authorized Ferrari dealer in Y 2020.
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 Tuesday at 209.19 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 209.17 and the Key resistance is at 216.99 at the close Tuesday 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 day, Keep the Faith!
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of “The Red Roadmaster’s Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.