Berenberg Expects FY27 Earnings Acceleration for Ferrari After FY26 Outlook Upgrade; Price Target Raised

07:48 AM EDT, 08/03/2026 (MT Newswires) -- Berenberg sees full-year 2027 double-digit earnings growth and upside potential to consensus estimates for Ferrari (RACE.MI) after the Italian luxury carmaker upgraded its guidance alongside the release of its second-quarter 2026 results. "While we were wrong on the timing of Ferrari's guidance upgrade (we expected Q3), the strength and sources of the Q2 beat and full-year upgrade reinforce our long thesis. While some investors will continue to search for holes in the thesis, we believe this was a clear and decisive beat on price/mix and [personalization], with call commentary that, we believe, stages the upgraded guidance as a floor. It has been a bumpy road for Ferrari shareholders the past 12 months, having gone from debating the proper multiple for a 5% EPS [compound annual growth rate] to Ferrari guiding to a floor of 8% EPS growth the following year," analysts said Monday. For 2026 as a whole, Ferrari raised its net revenue outlook to 7.60 billion euros from the previous target of 7.50 billion euros. "We expect strong results for the remainder of the year on price/mix and personalisation, and catalysts in the form of two new model announcements (we expect another [internal combustion engine] variant in November), which should precede a 2027 earnings inflection that will be a standout in the automotive and luxury sectors. We maintain our Buy rating and raise our price target to EUR384 (from EUR381), primarily as a result of increased EPS estimates," the note said. The research firm revised its 2026 and 2027 EPS projections upward by 2.4% and 1%, respectively, driven by stronger-than-anticipated personalization demand. Berenberg noted management's expectation that increased demand would boost second-half price/mix and average selling prices, which is anticipated to be partly tempered by elevated operating costs and depreciation and amortization.