Ferrari: Morgan Stanley's new best auto pick in US
(CercleFinance.com) - Morgan Stanley has decided to make Ferrari its "top pick" in the US automotive sector, replacing Tesla, according to a note released on Monday.
The broker, which has raised its target price for New York-listed Ferrari to $310 from $280, says that the Italian group is a "defensive" choice to avoid the hype and risks associated with the transition to electric vehicles.
The analyst said he particularly likes Ferrari because of the opportunities the company could seize in the long term with the launch of new models and a rise in electrification, an element that he believes is undervalued by the market.
Morgan Stanley, which has an "overweight" rating on the stock, adds that it also likes the Maranello-based group's "predictable" business model, as well as its unparalleled brand and market depth.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker, which has raised its target price for New York-listed Ferrari to $310 from $280, says that the Italian group is a "defensive" choice to avoid the hype and risks associated with the transition to electric vehicles.
The analyst said he particularly likes Ferrari because of the opportunities the company could seize in the long term with the launch of new models and a rise in electrification, an element that he believes is undervalued by the market.
Morgan Stanley, which has an "overweight" rating on the stock, adds that it also likes the Maranello-based group's "predictable" business model, as well as its unparalleled brand and market depth.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.