-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們將EXPE的12個月目標價下調3美元至240美元，相當於2026年每股收益預期的13倍（市盈率不變），較EXPE過去五年平均市盈率21倍存在顯著折讓。我們將2026年每股收益預期從18.55美元下調至18.51美元，並將2027年每股收益預期從20.42美元下調至20.38美元，反映出我們略微下調了總預訂量成長預期。鑑於宏觀經濟風險加劇以及公司業務集中於美國，我們認為EXPE的股價被高估，因此我們將評級從「持有」下調至「賣出」。高油價正在給美國消費者的非必需消費支出帶來壓力，考慮到EXPE約60%的業務位於美國，這將對EXPE的影響遠大於同業。受近期預訂量成長動能提振，市場普遍預期營收上調6%，但未能及時反映近期宏觀經濟波動，顯示潛在下行風險。此外，人工智慧驅動的搜尋和預訂工具對EXPE傳統的線上旅行社模式構成長期的去中介化威脅。
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