By Christiana Sciaudone
Investing.com -- Expectations for Ferrari (NYSE:RACE)'s future in the electric vehicle market are pushing its stock to a record high.
Morgan Stanley (NYSE:MS) analyst Adam Jonas boosted his price target for the luxury carmaker to a Street high $265 on expectations that Ferrari will focus on the electric vehicle market.
Shares are up 3.8%, and are trading at a record.
"We think Ferrari is entering a higher phase of growth and a tech transitions that takes investors thinking beyond the limits of luxury goods comps," CNBC quoted Jonas as saying. "We expect Ferrari to grow its CO2 footprint by a substantial amount and believe the company is increasingly looking to make EVs part of its strategy going forward."
Ferrari should increase its share in the "super-luxury pie" faster and more sustainably than the market currently expects, he said.
Most analysts agree. The stock has seven buy ratings, one hold and no sells, with an average price target of $202.69, according to analysts tracked by Investing.com.
Quarterly earnings announced earlier this month came in largely on target.