Bernstein SocGen Group analyst Stephen Reitman lowered the price target on Ferrari (NYSE: RACE) to $402.00 (from $410.00) while maintaining a Outperform rating.

The analyst comments: “Perché oh perché Ferrari? loosely translates as Why, oh why Ferrari?, which we think aptly sums up the exasperation of numerous investors we spoke to after the company held its post 1Q26 results call. The actual 1Q26 results were fine with both revenues and EBIT exceeding a Visible Alpha consensus that had moved up significantly since Ferrari had conducted a series of round up calls on 30-31 March. The 29.7% 1Q26 reported EBIT margin was marginally below the 30.0% Visible Alpha consensus, but that metric had stood at only 28.4% before those round up calls. And if one adjusts for the €41m currency headwind, the underlying margin was 30.9%. What’s more, €653m of net industrial cashflow in 1Q26 was 25% ahead of the VA cosnsensus. So why did Ferrari reverse a 1% stock price gain on the publication of the figures to close down 4% after the call? Simply put, it was down to 1/ concerns that 2H26 earnings might show less of a sequential improvement over 1H26 after 1Q26 had exceeded Ferrari’s initial expectations and 2/ ASPs in 2H26 were unlikely to be higher than in 1H26. We are not overly concerned, but nonetheless ament the negative impressions that were created.”