RBC Ups Estimates for Ferrari After Q3 Beat, FY26 Outlook Upgrade

02:32 AM EST, 11/04/2026 (MT Newswires) -- RBC Capital Markets upgraded its earnings forecasts for Ferrari (RACE.MI) after back-to-back beat-and-raise quarters, noting the Italian luxury car manufacturer seems to have regained its "cadence" before its 2025 capital markets day. "Ferrari delivered a strong Q3, helped by mix and personalization, which surpassed 21%, fueled by the ramp of the 296 Speciale family and broad adoption of carbon and paint options. Special series represented a notably high 22% of shipments in the quarter, and the F80 continued to progress in line with plan. Q4/26 Volume is expected to improve year-over-year given a weak y/y comparable, and ASP is guided to be slightly higher in H2 than H1, making mix the primary earnings lever once again," according to a Tuesday note. Ferrari's third-quarter net revenue rose to 1.90 billion euros, up from 1.77 billion euros in the same period last year. Factoring in current visibility on the possible effects of the Middle East crisis, the carmaker raised its full-year 2026 net revenue guidance to 7.65 billion euros from 7.60 billion euros and lifted its adjusted diluted EPS outlook to 9.85 euros from 9.68 euros. Against this backdrop, the research firm lifted its revenue, EBITDA and adjusted diluted EPS projections for 2026 and 2027. RBC also raised its outperform-rated stock's price target to 435 euros from 430 euros.