Ford Motor Company (NYSE:F) shares closed more than 9% lower on Friday following the company’s Q4 results, with adjusted EPS coming in at $0.26, significantly lower than the consensus estimate of $0.45.

While investors’ negative initial reaction was focused on the company’s quarterly miss and a low implied 2021 exit rate, analysts at Deutsche Bank said they are more concerned about management’s in-line 2022 outlook, because they view it as potentially aggressive.

The company’s Q4 EBIT of $2 billion did come well below expectations, with particular underperformance in North America, but this partly reflected stoppages in SuperDuty truck production due to chip constraints, which are now resolved.

The analysts worry that management’s 2022 EBIT guidance for $11.5-12.5 billion, could be too optimistic on volume, pricing and commodities cost assumptions.