Berenberg: Porsche AG Set for Another 'Transition Year' in FY27; Price Target Up

05:47 AM EDT, 09/17/2026 (MT Newswires) -- Berenberg raised its price target for Porsche AG (P911.F) to 46 euros from 43 euros, expecting 2027 to be another "transition year" for the German automaker amid continued headwinds to volumes and operating leverage. "Operating performance in H1 2026 was solid, with the margin comfortably [sitting] above the full-year guidance range of 5.5-7.5%, providing a welcome cushion into H2. Looking ahead, 2027 remains a transition year. Margins should benefit from the non-recurrence of most of the EUR800m-900m net extraordinary charges booked in 2026. However, product phasing and portfolio transition remain headwinds to volumes and operating leverage through 2026-27, while we only forecast a return to double-digit margins after 2028," the research firm said in an automotive sector-focused report published Wednesday, anticipating the company to reaffirm its long-term margin target at its Oct. 7 capital markets day. Analysts said the company's further re-rating potential is limited until the management is able to show "a credible and sustainable path back to its 10-15% long-term margin ambition." As such, the hold recommendation on the stock remains unchanged, while sales, EBIT and EPS forecasts for 2027 and 2028 were downwardly revised. Berenberg also highlighted the company's ability to deliver luxury and premium vehicles "at a certain scale," noting this aspect as a key competitive advantage for Porsche AG against its rivals.