JPMorgan:Roblox股份在2026年的上涨空间有限

投资观察
Dec 12, 2025

1021 ET - JPMorgan分析师表示,Roblox可能面临参与度下降、预订增长放缓以及利润率压缩的挑战,因此其股份上涨空间有限。分析师将该股评级下调至中性,之前为增持。1月推出的面部年龄估计功能以及俄罗斯的禁令可能会对用户参与度产生负面影响。虽然分析师预计Roblox明年将实现20%的预订增长,但他们并不认为有太大上涨空间,“除非出现新的病毒式热门内容或广告大幅增加,但我们对此并不抱太大期望。”与此同时,开发者支出的增加将对利润率产生压力。分析师表示:“我们认为,该公司在2026年无法通过增长来摆脱利润率压缩。”(nicholas.miller@wsj.com)

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