Ferrari is standing on the top step of the podium, according to Morgan Stanley.
He also raised his price target to $340 from $310 on account of foreign exchange fluctuations, earnings revision and a slight increase in his estimated EBITDA multiple.
The new price target implies 8.4% upside from Thursday's close.
Morgan Stanley maintained his bull case estimates of $420 per share, which implies 34% upside from current levels.
Morgan Stanley predicts the bear scenario could occur if a weaker macro environment results in low shipments and demand levels, as well as a loss of brand relevance.
Persons:
Ferrari, Morgan Stanley, Adam Jonas, Hermes, Jonas, — CNBC's Michael Bloom
Organizations:
Ferrari, General Motors
Locations:
China, Asia