Morgan Stanley hikes price target for Ferrari, says SUVs and electric vehicles will fuel growth

A Ferrari is parked outside the New York Stock Exchange in celebration of Ferrari Automotive Company's IPO on October 21, 2015 in New York City.
Andrew Burton | Getty Images

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Ferrari's move into SUV's and, eventually, electric vehicles should boost the stock and accelerate sales, according to Morgan Stanley's Adam Jonas. 

The firm raised its price target on the luxury automaker on Wednesday, saying in a note that the company should have consistently higher growth over the next two decades while also being able to raise prices and expand margins. The stock jumped more than 4% on Wednesday after the note came out.

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