Investor feedback post-upgrade; Bulls vs Bears

Research evidence excerpt

Investor feedback post-upgrade; Bulls vs Bears

Idea

June 18, 2026 03:00 AM GMT

Morgan Stanley & Co. International plc+MFerrari | Europe Edouard Aubin

Equity Analyst

Investor feedback post-upgrade; Edouard.Aubin@morganstanley.comCedric Norest +44 20 7425-3160

Research Associate

Cedric.Norest@morganstanley.com +44 20 7425-1462

Bulls vs Bears Morgan Stanley & Co. LLC

Andrew S Percoco

Andrew.Percoco@morganstanley.com +1 212 296-4322

What's New? Following our recent upgrade to OW (see From Neutral to Drive; Daniela M Haigian

Upgrading to OW), investor feedback we've received so far has been broadly EquityDaniela.Haigian@morganstanley.comAnalyst +1 212 761-6071

constructive, albeit still selective. In this note, we highlight the key debates that

have dominated our conversations over the past few days. Ferrari NV (RACE.MI, RACE IM)

Brands | Italy

Bottom Line: The feedback has been supportive of the upgrade but not Stock Rating Overweight

unconditional (we also note that short interest remains relatively elevated). The Industry View In-Line

Price target €380.00

strongest positives cited have been valuation, the stock-vs-revisions disconnect, Shr price, close (Jun 16, 2026) €318.80

wealth creation tailwind, mix optionality, and the view that Ferrari is facing a 52-Week Range €447.50-269.00

Mkt cap, curr (mn) €56,644

product-cycle trough, rather than structural brand fatigue. The main pushbacks have Net debt (12/26e) (mn)* €1,428

EV, curr (mn)* €58,068

been the Luce, the timing of P&L contribution, terminal growth and mixed recent

model reception. The debate now appears to be less about whether Ferrari is * = GAAP or approximated based on GAAP

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

“broken” and more about what proof points would be needed for the market to