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Ferrari N.V. (NYSE:RACE) CEO Benedetto Vigna dismissed suggestions the Italian automaker might be considering acquiring another sports car brand.
During a conference on Monday, Vigna said it does not make sense for Ferraro to buy other supercar makers. “Ferrari is a high luxury (company) with technology playing an important role,” he noted. The philosophy at Ferrari is to rely on key partnerships and keep the luxury brands DNA intact.
Vigna also said the new “e-building facility” in Maranello, Italy will be used for more than electric vehicles as the company stays flexible.
Last month, HSBC highlighted Ferrari N.V. (RACE) as its top overall pick in the European automobile sector. Analyst Michael Tyndall and team still believe the earnings risk on Ferrari (RACE) is to the upside with demand appearing to be far stronger than even the luxury automaker expects. When compared to the rest of the auto sector, the valuation on Ferrari (RACE) is said to offer a very favorable risk-reward profile for new investors.
Shares of Ferrari (RACE) trickled 0.60% lower in Monday afternoon trading. For the year, the European auto stock is up close to 39%.
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