05:46 AM EDT, 05/07/2026 (MT Newswires) -- Berenberg remained bullish on Ferrari's (RACE.MI) business model even as the research firm said management's commentary regarding second-half cadence caused "whiplash."

"Ferrari's Q1 2026 results, released on 5 March, were strong, yet the stock fell by c4% on the day. The weakness, in our view, was driven by the change in messaging on the H2 versus H1 cadence, with absolute EBIT and ASPs (average selling prices) now expected to be more balanced across the year. While we appreciate the strong Q1 and the FY 2026 guidance reiteration in a challenging macro environment, the shift in messaging will likely result in lower full-year market expectations (still in line with or above guidance) and deals another blow to investor confidence in the company's messaging. We still view the FY 2026 guidance as an achievable floor, with the company able to offset potential tariffs with price increases and manage temporary costs/disruptions with mix,"according to a Wednesday note.

The research firm said it does not view the messaging shift as a "fundamental deterioration in the story,"adding the market is possibly "overinflating"the contribution of F80 deliveries in full-year 2026 earnings. Analysts believe deliveries for the year will be "more limited than expected, preserving greater earnings power for 2027 and 2028."

Within this context, Berenberg affirmed its buy rating and price target of 381 euros.