Morgan Stanley loves Ferrari

On the heels of strong Ferrari third-quarter earnings this week, Morgan Stanley lead auto analyst Adam Jonas is out Wednesday with a very bullish research note on the Italian automaker.

Jonas is raising his target price to $60 from $56 and has an "overweight" rating on the stock, which was trading at $54 on Wednesday.

Then he explained why Ferrari looks so appealing - and he didn't hold back:

I've quoted Jonas at length here because he has completely nailed what makes Ferrari special. There's a reason why it's one of the most important brands in the world - and why the automaker's stock has been bucking a Wall Street trend, with other car companies seeing their shares stall or decline.

In fact, Jonas now sounds more enthusiastic about Ferrari than Tesla, a company he's been quite bullish on in the past, but has more recently been trimming back his enthusiasm for.

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