Morgan Stanley says Ferrari is expected to continue its record-breaking gains, with a target price for US stocks raised to $520

Morgan Stanley analyst Adam Jonas wrote in a report on Tuesday that this year, Ferrari's stock price has risen by 43%, reaching a historical high, outperforming European car peers including Renault and Mercedes-Benz Group. In the luxury brand sector, Ferrari also leads brands including LVMH and Hermes International. Currently, Ferrari has the largest market value in the Italian FTSE MIB index. Jonas raised the target price of Ferrari's U.S.-listed stock from $400 to $520, the highest target price on Wall Street, implying about 6% upside potential