-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們採用更保守的預期TEV/EBITDA倍數31.1倍（低於三年歷史平均55.5倍），目標股價下修75美元至500美元。 SPOT股價今日疲軟。我們認為，此次拋售是由於市場意識到該公司營收成長潛力充其量可能只有15%左右，而歷史成長率超過20%。我們將2026年營收預期下調至196億歐元（先前為201億歐元），2027年營收預期下調至225億歐元（先前為228億歐元），預計營收成長率為13%-15%。由於利潤率擴大，我們將2026年每股收益預期上調0.75歐元至13.55歐元，並維持2027年每股收益預期在15.50歐元不變。 SPOT在全球用戶價格顯著較低的地區成長更快，這拖累了合併收入的成長。此外，2026年第一季廣告支援計畫的表現令人失望，年減102個基點至13%。這主要是因為免費用戶參與度提高導致內容成本成長速度超過廣告收入成長速度。管理階層認為這只是暫時的，隨著變現效果的提升，這種情況將會好轉。
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