Ferrari (RACE.US) is leading the auto stocks, and Bernstein raised its target price significantly.

Despite Ferrari (RACE.US) already rebounding strongly this year, Bernstein raised its rating to "Outperform" and raised its price target to $599 from $488, implying over 20% upside. Ferrari's shares have risen 47.73% this year, making it the best performing of the 38 publicly traded auto stocks in the U.S.

Analyst Stephen Reitman emphasized that the pace of shipments, revenue and profit recognition each quarter is completely dictated by the Italian company, as nearly every Ferrari produced is sold out, with only minor changes in the final level of customization as customers can modify orders very close to the actual manufacturing date.

Last week, Morgan Stanley raised its price target on Ferrari to $520. Analyst Adam Jonas argued that Ferrari trades at a higher multiple and said the exposure to the Chinese market is very low, along with the brand loyalty, which makes it stand out among its luxury car peers.

On Seeking Alpha, analyst Nelson Alves rated Ferrari "Hold" and said the auto stock is priced perfectly. He said there are some risks in moving into the electric vehicle space for Ferrari. "Moreover, events such as a recession are not something the company can control, even if customers' consumption habits are somewhat insensitive to a recession, the fact is that we should expect Ferrari's stock price to be affected anyway," he said.