Here's why Ferrari—not Tesla—is Morgan Stanley's favorite electric vehicle stock:
As Tesla shares skyrocket to new highs Monday, Morgan Stanley analyst Adam Jones said his favorite stock in the booming electric vehicle industry is actually luxury car maker Ferrari, which is expected to fuel competition in the space when it enters the market later this decade....
He cites Ferrari’s access to investment capital, record two-year order backlog and pricing power in the luxury market as reasons it could emerge as one of the strongest players in the electric vehicle market. Some investors remain skeptical of Ferrari’s plan to go green: In June, Goldman Sachs analysts said the transition creates “uncertainty around potential future capital expenditure requirements,” estimating the expansion will drive up costs by more than $800 million this decade.
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