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Ferrari, not Tesla, might be the stock to buy

Last week Tesla's earnings – or lack thereof – were one of the big stories in the auto industry. As usual, the electric carmaker didn't make money, but the news sent the market, analysts, and Tesla's devoted fans into a lather. But another company, this plucky upstart called Ferrari, also attracted a positive reaction from the market and actually had the financials to back it up. Ferrari posted net revenues of $898 million (at today's exchange rates) EBITDA of $265 million (a slightly complicated way to snapshot financial performance) and an adjusted net profit of $136 million in the first quarter. The company delivered 2,003 cars, and sales of its V12 models increased 50 percent. It quietly made progress nearly a year and a half into its life as an independent automaker. For 2017, Ferrari expects to deliver 8,400 cars and rake in net revenue of $3.6 billion. No one thought Ferrari would flounder when Fiat Chrysler Automobiles spun it off in fall 2015. With a rich history, expensive products, and its own loyal fan base that's arguably even larger than Tesla's, the company seemed poised for success, though skeptics wondered how it might fare after longtime chief Luca di Montezemolo stepped down before the spinoff. Plus, the company remains within the FCA sphere, as its key stakeholders are largely connected to its former parent in some way, and Chairman Sergio Marchionne also steers FCA. Last week's results showed Ferrari is gaining footing in the evolving automotive world, and analysts responded. UBS analyst Michael Binetti reiterated Ferrari stock (RACE on the NYSE) as buy status and raised his target price from $85 to $92. Morgan Stanley's Adam Jonas was even more bullish, raising projections to $100 in the next 12 months. Shares were trading around $82 Monday morning. Both analysts viewed Ferrari as something different than a conventional automaker stock, with Binetti comparing it to luxury house Hermes, which produces high margins even for a specialty goods maker. Jonas suggested Ferrari's singular reputation and history (16 Formula One Constructors titles, the most ever) could insulate its products when autonomous and electric cars become even more commonplace. "In our view, a Ferrari is not transportation," he wrote in a note to clients. "Ownership is viewed as an exclusive club, and membership requires more than just money.

Valtteri Bottas on pole for Formula One's 1,000th race

Valtteri Bottas will start Formula One's 1,000th world championship race from pole position after leading Mercedes team mate Lewis Hamilton in a front row lockout at the Chinese Grand Prix on Saturday. Ferrari's Sebastian Vettel qualified third, ahead of 21-year-old Monegasque team mate Charles Leclerc who was unable to repeat his Bahrain Grand Prix pole of two weeks ago. Bottas, who won the season opener in Australia and leads defending champion Hamilton by one point in the standings, was the third different driver to take pole this season in three races. "The lap was OK, not completely how I wanted. Luckily it was good enough for pole," smiled the Finn, who pipped Hamilton by 0.023 seconds after setting a best time of one minute 31.547. "Lewis also managed to improve a lot during the qualifying and it was super-close." The pole was a first for Bottas since Russia last September and the seventh of his career. It was also his first in China where Mercedes have won five of the last seven races. Hamilton sounded happy just to be on the front row, despite six previous poles in Shanghai, after looking out of sorts in practice. "I didn't give up, I kept pushing right to the end. Big congratulations to Valtteri, he's been stellar all weekend and I've been struggling and fighting the car," said the Briton. "To be as close as we are at the end is fantastic. An incredible result for the team. There was a little bit more time left on the table there but that's cool, I'll try and get it tomorrow," added Hamilton. UNHAPPY VERSTAPPEN Ferrari had arrived in China as favorites after showing their speed in Bahrain, particularly on the straights, with Leclerc on pole and leading until a loss of engine power in the closing laps. While unable to match the quick-cornering Mercedes cars for overall pace in Shanghai, Vettel hoped to be closer on Sunday thanks to the track's main straight being more than a kilometer long. "I think there was maybe a little bit more but overall not enough to beat these guys today," said the 31-year-old German, a four times world champion. "If we get close we could have an advantage in a straight line." The top 10 positions went two-by-two in team order, with Red Bull's Max Verstappen and Pierre Gasly fifth and sixth and ahead of the Renault pair of Daniel Ricciardo and Nico Hulkenberg – the Australian just 0.004 ahead of the German.

Ferrari names new F1 car F138

Don't call it the F150. Ferrari has officially announced it will name its newest Formula One car the F138. The machine is the 59th car Ferrari has built to compete in F1, and it's also the last of the company's F1 efforts to rely on a high-strung V8 for propulsion. F1 rules have changed for next year, forcing competitors to use smaller cylinder counts to get around the track. Ferrari has already said it will use a 1.6-liter turbocharged V6 to do its dirty work. That moves brings an end to the eight-year reign the V8 enjoyed.
Ferrari isn't saying much more about the 2013 car, and the only image we have to go on at the moment is the logo you see above. Stay tuned for more information, and in the interim, be sure to check out the painfully brief press release below.