-- 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：我们将12个月目标股价上调3美元至76美元，基于2026年每股收益预期27倍，低于该股五年平均预期市盈率30倍。我们将2026年每股收益预期从2.69美元上调至2.83美元，并将2027年每股收益预期从2.82美元上调至2.89美元。2026年第一季度业绩显示，用户数量强劲增长至1310万（同比增长12.2%），新增31万用户，同时用户收入增长2.4%至9.77美元。广告收入增长32%至9330万美元，较2025年显著加速增长。尽管这一增长令人鼓舞，但该公司预计广告收入增速将放缓至接近10%的水平。这已对营业利润率产生了实质性影响（第一季度利润率同比增长200个基点）。此外，投资者主要关注的仍然是如何在保持用户增长势头的同时提高每用户平均收入。我们维持“卖出”评级，主要基于估值，因为我们认为股价已充分反映了用户增长的持续势头，并反映了广告收入（历来具有周期性）更持久的增长轨迹。
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