Morgan Stanley Upgrade Cites Deposits on Polarizing EV Design and 33% UHNW Growth
RACE•Morgan Stanley upgraded Ferrari, citing firm deposits on its polarizing new EV despite criticism of its bulbous exterior design. The firm noted the ultra-high-net-worth population—currently about 700,000—is projected to grow 33% by 2031, and Ferrari’s 13,000-vehicle annual sales capture a small fraction of this expanding market.
1. Morgan Stanley Upgrade
Morgan Stanley upgraded Ferrari’s stock rating, citing robust deposit levels on its new electric model as evidence of sustained demand. The analyst highlighted that initial order placements and deposits underpin confidence in Ferrari’s EV strategy.
2. EV Design Controversy
The new EV has faced criticism for its bulbous, non-sexy exterior which many described as lacking the aggressive, menacing character expected of Ferrari. While the interior draws inspiration from Johnny Ive with premium aesthetics, the exterior design has polarized enthusiasts.
3. UHNW Growth Opportunity
The firm noted that the ultra-high-net-worth population, currently around 700,000 individuals, is projected to rise 33% by 2031, offering a growing customer base. With Ferrari selling 13,000 vehicles annually, the brand captures only a small fraction of this expanding market.
