1035 GMT - Ferrari is likely to have relatively modest growth in the short to medium term, mainly due to management's decision to strictly limit volume growth up until 2030, Morgan Stanley analysts write. Limiting growth is positive as it should further enhance brand desirability, positively impact the secondary market, and boost pricing power and long-term top-line visibility, the bank says. However, coupled with investor concerns about the launch of the brand's first electric vehicle, valuation multiples are likely to be capped in the coming months. "We see only 8% upside to the shares and hence move to the sidelines for now." MS downgrades Ferrari to equalweight from overweight and lowers its price target to $425 from $520. The Italian sports-car maker's U.S. shares closed at $393.21. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

December 08, 2025 05:35 ET (10:35 GMT)

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