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摩根士丹利稱，雅詩蘭黛扭虧為盈的進程正在推進，但收購普伊格的交易使情況變得複雜。

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-- 摩根士丹利週一在電子郵件報告中指出，雅詩蘭黛(EL)對其基礎業務的轉型進展順利，公司有機銷售增長已顯著改善，足以確認其此前全年銷售預期的高端水平。該報告回顧了雅詩蘭黛第三財季的表現。 報告也指出，儘管面臨伊朗衝突帶來的壓力，雅詩蘭黛第三財季每股收益的成長仍支撐了其2026年業績指引的上調，以及對2027年初強勁的展望。 然而，摩根士丹利表示，雅詩蘭黛關於高端美妝業務將在2027年加速成長的假設可能過於樂觀，並補充說，該公司「在與Puig的潛在股權交易之前，有動力展現出最佳狀態」。 報告指出，儘管雅詩蘭黛有望大幅提升每股收益，但其大規模收購的執行/文化風險是否值得付出機會成本（相對於雅詩蘭黛自身業務的轉型而言），仍存在一些疑問。 該投資公司指出，由於普伊格集團規模龐大、品牌/地理分佈分散，以及合併家族企業所帶來的文化風險，因此收購普伊格集團是一個複雜的目標。 報告稱：“我們目前仍持觀望態度，等待戰略談判的進展，並期待雅詩蘭黛能夠持續實現有機銷售增長。” 摩根士丹利維持對雅詩蘭黛的「持股觀望」評級，並將目標股價從85美元上調至90美元。

Price: $82.07, Change: $+2.77, Percent Change: +3.49%

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