Morgan Stanley raised the firm’s price target on Ferrari (RACE) to $310 from $280 and keeps an Overweight rating on the shares, which the firm designates as its top pick in U.S. autos, replacing Tesla (TSLA). The firm, which said it has a "relatively bearish view on auto fundamentals," calls out Ferrari as the company with "the longest order backlog, greatest earnings visibility and highest pricing power of any company we cover." While admitting the stock "ain’t cheap," Morgan Stanley argues "that’s the price for security" as it sees Ferrari as "the most defensive name in our coverage that avoids much of the EV hype and EV risk."
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on RACE:
