-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们采用更为保守的预期TEV/EBITDA倍数31.1倍（低于三年历史平均水平55.5倍），将目标股价下调75美元至500美元。SPOT股价今日疲软。我们认为，此次抛售是由于市场意识到该公司营收增长潜力充其量可能只有15%左右，而历史增长率超过20%。我们将2026年营收预期下调至196亿欧元（此前为201亿欧元），2027年营收预期下调至225亿欧元（此前为228亿欧元），预计营收增长率为13%-15%。由于利润率扩大，我们将2026年每股收益预期上调0.75欧元至13.55欧元，并维持2027年每股收益预期在15.50欧元不变。SPOT在全球用户价格显著较低的地区增长更快，这拖累了合并收入的增长。此外，2026年第一季度广告支持计划的表现令人失望，同比下降102个基点至13%。这主要是由于免费用户参与度提高导致内容成本增长速度超过广告收入增长速度。管理层认为这只是暂时的，随着变现效果的提升，这种情况将会好转。
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