Guidance Misses Consensus

The company confirmed its 2026 full‑year guidance, maintaining an adjusted EPS of at least €9.45 per share and net revenue of about €7.50 billion. However, adjusted EPS of €2.33 fell €0.04 short of the €2.37 consensus, and EBIT margin contracted 60 basis points to 29.7 %, 40 bps below consensus expectations. A 4.4 % YoY volume decline, entirely driven by EMEA, contributed to the margin squeeze. CFRA lowered its 12‑month price target to $350, citing doubts about Ferrari’s 2030 electrification pivot and noting the 2027 P/E of 28.5x versus a 10‑year average of 40.6x.