Chart of the day: when the cover comes off

Research evidence excerpt

Chart of the day: when the cover comes off

Update

July 2, 2026 12:46 PM GMT

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

Equity Analyst

Chart of the day: when the Edouard.Aubin@morganstanley.comCedric Norest +44 20 7425-3160

Research Associate

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

cover comes off Morgan Stanley & Co. LLC

Andrew S Percoco

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

What's new? Following the unveiling of the Amalfi Spider in March, Ferrari is still Daniela M Haigian

expected to reveal three additional models this year, likely impacting Ferrari's P&L EquityDaniela.Haigian@morganstanley.comAnalyst +1 212 761-6071

from 2H27 onwards (as models tend to be first shipped to clients ~12 months after

being publicly unveiled). The Luce is not included in the four-launch total anticipated Ferrari NV (RACE.MI, RACE IM)

for the year, as it is treated as a 2025 launch. We view these upcoming unveilings as Brands | Italy

Stock Rating Overweight

a key potential catalyst for a re-rating of the stock - see From Neutral to Drive:

Industry View In-Line

Upgrading to OW - particularly if the new models lean back toward the attributes Price target €380.00

Shr price, close (Jul 1, 2026) €331.50

dealers say clients value most: scarcity, collectability, heritage and emotionally 52-Week Range €447.50-269.00

engaging powertrains. In this short note, we assess the potential timing of these Mkt cap, curr (mn) €58,903

Net debt (12/26e) (mn)* €1,420

highly anticipated launches. EV, curr (mn)* €60,327

Bottom Line: We view the recent press speculation (see below) as directionally * = GAAP or approximated based on GAAP

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