Apparently, Ferrari hasn’t just been performing well in Formula One recently.

Ferrari had a strong first fiscal quarter in 2017, causing analysts from UBS and Morgan Stanley to reaffirm their buy status of the company’s stock, as well as increase their yearly projections to $92 and $100, respectively, according to Autoblog.

The Maranello, Italy-based manufacturer’s first quarter earnings report revealed it had posted net revenues of $898 million and an adjusted net profit of $136 million. Ferrari delivered 2,003 cars in Q1 and, interestingly, saw sales of V-12-powered models, such as the 812 Superfast, jump by roughly 50 percent.

Numbers aside, what really makes Ferrari appealing to Wall Street is its brand, which significantly differentiates it from traditional automakers.

“In our view, a Ferrari is not transportation,” UBS analyst Michael Binetti said, via Autoblog. “Ownership is viewed as an exclusive club, and membership requires more than just money. In a world where pleasurable human driving experiences on an open road become increasingly scarce, the value of this club’s membership may indeed appreciate.”

Given the fluidity of the current automotive landscape, some might assume Ferrari has greater exposure than most manufacturers, as it produces one hybrid, and until recently was opposed to making electric vehicles. However, Binetti suggests its reputation for making some of the best supercars, as well as numerous championship-winning F1 cars, will help it continue to succeed as EVs and autonomous cars become increasingly popular.

Thumbnail photo via Ferrari