Berenberg Revises Model for Porsche AG After 'Solid' Q2 Results; Hold Rating Maintained

07:07 AM EDT, 08/07/2026 (MT Newswires) -- Berenberg updated its model for Porsche AG (P911.F), revising its earnings forecasts, following the release of the German automaker's first-half earnings. "Overall, Porsche delivered a solid Q226 print, particularly in terms of margins, supported by favourable 911-led price/mix, despite a still challenging top-line environment. While implied H2 profitability is guided materially below H1 on weaker mix and the phasing of restructuring costs, the 7.8% H1 margin sits comfortably above the full-year guidance range of 5.5-7.5%, providing a welcome cushion into H2," according to a Thursday note. "Porsche continues to enjoy strong demand for the 911 (Turbo S and GT3), although management expects [normalization] in H2. Initial order intake for the Cayenne [battery electric vehicle] was described as very strong, especially in Europe. Management expects a 70% [internal combustion engine] and 30% BEV Cayenne mix by Q426," analysts added. Meanwhile, the research firm expects ongoing volume headwinds from the ICE Macan phase-out and slow-fading supplier compensation costs to continue pressuring margins and fixed-cost absorption in 2027. On the flip side, restructuring-related costs are anticipated to drop to a low-triple-digit million euro range in 2027 as strategic realignment expenses are expected to wind down by year-end 2026. Against this backdrop, Berenberg affirmed its hold rating and price target of 43 euros on the stock. Analysts also cut their sales projections for full-year 2026 to 2028 by 1.7%, 4.1% and 4.5%, respectively.