Ferrari
- Ferrari on Monday replaced Tesla as Morgan Stanley's top stock pick among automakers.
- Ferrari investors are underestimating the luxury carmaker's EV opportunity.
- Morgan Stanley sees 14% upside in the Ferrari stock, lifting its price target to $310 a share.
Morgan Stanley booted Tesla from its top spot among auto stocks in favor of Ferrari, saying the luxury vehicle company's attractiveness lies in its highly predictable business model and unmatched brand.
"We see Ferrari as the most defensive name in our coverage that avoids much of the EV hype and EV risk. An attractive risk/reward," equity analyst Adam Jonas wrote in a note from the bank on Monday.