Ferrari's recently released second quarter report showed that 3484 new cars were delivered in the second quarter, 92 more than the same period last year, with a net income of 1.712 billion euros, a year-on-year increase of 16.2%, and a net profit of 413 million euros, a year-on-year increase of 24%. This week, institutions such as Morgan Stanley and RBC Capital have also expressed their firm confidence in Ferrari. Morgan Stanley analyst Adam Jonas said that Ferrari has performed well in the luxury car market and expects the company's stock to continue its record breaking gains. RBC Capital also stated in its research report released on August 28th that it maintains Ferrari's buy rating.