Morgan Stanley warns on Ferrari

|About: Ferrari N.V. (RACE)|By:, SA News Editor

Shares of Ferrari (NYSE:RACE) are down 4.10% in Milan after Morgan Stanley downgrades the automaker to Underweight in a two-notch move.

The firm cites the increased risk of competition from Aston Martin, McLaren and Lamborghini.

Analyst Adam Jonas also warns that a potential Maserati IPO could draw in Ferrari investors.

The U.S. ADRs are 3.70% lower in premarket trading to $112.63. Morgan Stanley's new price target is $100.