Cars
Tesla Is No Longer Morgan Stanley’s Top US Carmaker Pick
- Italian carmaker has ‘near unmatched brand’ and pricing power
- Ferrari’s US-listed stock has gained 61% since June low
A Tesla Inc. Model 3 vehicle.
Photographer: Qilai Shen/BloombergTesla Inc. is no longer the favorite US-listed automaker of Adam Jonas, the Morgan Stanley analyst who has been a long-time bull on the electric vehicle maker.
Jonas now prefers Italian luxury-car maker Ferrari NV, saying it has the “longest order backlog, greatest earnings visibility and highest pricing power of any company we cover.” The maker of six-figure supercars like the new €390,000 ($415,000) Purosangue crossover has a “near unmatched brand” and is a defensive name in the sector amid macroeconomic uncertainty and a consumer squeeze, he added.