1051 GMT - Ferrari's strong second quarter, which beat earnings expectations by 5%, was driven by the F80 supercar rollout and stronger-than-expected personalization revenue, Deutsche Bank analyst Nicolai Kempf writes. While management raised full-year guidance, the upgrade was broadly in line with consensus expectations, limiting the scope for estimate revisions and likely weighing slightly on sentiment, Kempf adds. "That said, we view the updated outlook as conservative." Following a 30.5% EBIT margin in the first half, the implied second-half margin of around 28.9% appears cautious given the F80 ramp-up and a richer product mix supported by the 296 Speciale family. "As a result, we remain positive on the story and see scope for another guidance upgrade alongside Q3 results." Shares rise 1.1%.