-- 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：我們將12個月目標股價調高3美元至76美元，基於2026年每股盈餘預期27倍，低於該股五年平均預期本益比30倍。我們將2026年每股盈餘預期從2.69美元上調至2.83美元，並將2027年每股盈餘預期從2.82美元上調至2.89美元。 2026年第一季業績顯示，用戶數強勁成長至1,310萬（年增12.2%），新增31萬用戶，同時用戶營收成長2.4%至9.77美元。廣告收入成長32%至9,330萬美元，較2025年大幅加速成長。儘管這一成長令人鼓舞，但該公司預計廣告收入成長將放緩至接近10%的水平。這已對營業利潤率產生了實質影響（第一季利潤率同比增長200個基點）。此外，投資者主要關注的仍然是如何在保持用戶成長勢頭的同時提高每位用戶平均收入。我們維持「賣出」評級，主要基於估值，因為我們認為股價已充分反映了用戶成長的持續勢頭，並反映了廣告收入（歷來具有週期性）更持久的成長軌跡。
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