Aug. 28 at 4:35 PM
On Thursday, Morgan Stanley added Ferrari NV to its MAPS Global Equity list, replacing Fomento Económico Mexicano SAB , citing the Italian luxury automaker’s resilience, brand strength, and growth profile.
“RACE is a global luxury car leader, generating €6.7B in 2024 revenue with 13,800 deliveries,” Morgan Stanley analysts wrote.
The bank highlighted Ferrari’s global footprint: EMEA 45%, Americas 29%, China/HK/Taiwan 8%, rest of APAC 17%.
Ferrari benefits from “low price elasticity due to scarcity and brand value,” with a wealthy client base insulating demand from macro volatility. RACE’s revenue has grown ~10% CAGR since 2016 vs. ~2.5% for Ford, GM, Honda, showing “lower normalized demand volatility.”
Despite tariffs and global uncertainty, management recently raised margin guidance, removing a 50bps headwind. Order books are “nearly full,” with strong demand for new models.
$RACE $FMX $MS