<div id="readability-page-1"><div><p>Ferrari  shareholders’ nerves must be jangling. Despite the company’s relentless success in building profits, the share price has been under pressure. After the Italian luxury supercar maker announced its first-quarter results, a barely perceptible pessimistic tone from management set off selling, with the shares diving 4% after an initial 1% rise. The shares have since rallied when the healthy long-term outlook was established.</p><p>But watch out for another attack of nerves later this month, when Ferrari launches its first electric sports car, yours if you’ve got nearly $600,000. Will there really be a market for a Ferrari that doesn’t announce itself with a roaring, screaming V-12 concerto? </p><p>Germany’s Berenberg Bank thinks it will be a success, of which more later. </p><p>Ferrari announced Monday that earnings before interest, taxes. depreciation and amortization (EBITDA) rose 4% to €722 million ($849 million) in the first quarter. Revenue increased 3% to €1.85 billion ($2.17 billion). Ferrari said profits were boosted by higher demand for personalization and sales of higher-priced machines like the F80. Deliveries fell 4.4% to 3,436 because of model changeovers.</p><p>“With these results and an order book further extending towards the end of 2027, we confirm our 2026 guidance,” CEO Benedetto Vigna said. Earlier this year, Ferrari said it expected EBITDA of at least €2.93 billion ($3.44 billion) in 2026. That compares with $2.77 billion ($3.26 billion) in 2025.</p><h2>Guidance for 2026 achievable</h2><p>Berenberg Bank said in a report entitled “Strong Q1; cadence shift causing whiplash” that investors misinterpreted management’s view that the second half would be more balanced, suggesting a weaker outcome. </p><p>“We still view the 2026 guidance as an achievable floor, with the company able to offset potential tariffs with price increases and manage temporary costs/disruptions with mix,” Berenberg Bank said. </p><p>“Regarding H2 versus H1, we believe the market has been overinflating the impact of F80 deliveries in 2026, and we suspect total F80 deliveries this year will be more limited than expected, preserving greater earnings power for 2027 and 2028. We remain bullish on the Ferrari business model and reiterate our Buy rating and €381 price target,” the bank said.</p><p>After Monday’s share price shenanigans, on Tuesday the shares gained almost 2-1/2% to close at €286.10.</p><p>Investment researcher Bernstein talked about exasperated investors confused by the company’s remarks after the bare numbers were published.</p><p>“So why did Ferrari reverse a 1% stock price gain on the publication of the figures to close down 4% after the call?” Bernstein asked.  </p><p>This was because of concern second-half profit growth might be slower than the first half’s, while average selling prices might not be higher than in the first half, according to Bernstein.</p><h2>October’s debacle</h2><p>This is reminiscent of the debacle last year. Ferrari shares lost almost a third of their value last October, when it provided profit estimates which investors interpreted as a signal the long-established era of super profits might be ending. Investors had become used to the company providing conservative estimates which it easily exceeded. But in October, the level of modesty was overdone and investors became nervous.</p><p>UBS said it retains its “Buy” recommendation on Ferrari shares, saying the 4% decline was overdone.</p><p>“In the current context, we believe Ferrari remains a unique defensive name with high exposure to high net-worth individuals, with strong visibility on volumes,” UBS said in a report</p><p>The conference call made these points, according to UBS   </p><ul><li>The order book in the Middle East (about 3% of shipments in Q1) remains very strong, with Ferrari continuing to receive incremental orders from clients.</li><li>The overall order book is extending towards the end of 2027, with some models fully sold out and orders for others continuing to grow.</li><li>There are no signs of any abnormal level of order cancellations.</li><li>Price/mix in H2 2026 is expected to be slightly stronger than in H1 2026, with profitability more evenly balanced between H1 and H2 2026.</li><li>Management sees no inflationary pressures at this stage</li></ul><p>Berenberg Bank reassured investors there were positive signs for the upcoming launch of the Luce electric vehicle.</p><p>“Crucially, interest is coming from both existing “Ferraristi” and new customers, a meaningful data point that addresses one of the more persistent investor concerns: whether the brand’s first all-electric model will resonate with the core loyalist base. We view this early signal as encouraging and believe investor expectations for the Luce’s success are low,” the bank said.</p></div></div>

法拉利

<p>法拉利的股票在管理層對第一季度業績發表悲觀言論後出現波動，儘管最初上漲了 1%，但最終下跌了 4%。然而，隨着健康的長期前景確立，股票反彈。公司報告 EBITDA 增長 4%，達到 7.22 億歐元，收入增長 3%，達到 18.5 億歐元。來自貝倫貝格銀行和瑞銀的分析師維持樂觀展望，重申買入評級，並強調對法拉利產品的強勁需求，包括即將推出的電動模型 Luce</p>

法拉利股價在預測擔憂後回升