Needham下调苹果公司评级：成长乏力，难撑高溢价
券商Needham将苹果评级从“买入”下调至“持有”。分析师指出，与同业相比，苹果的收入和利润增长动能正在减弱。
Needham分析师Laura Martin强调，尽管苹果享有估值溢价，但其三月季度的收入与利润率增速远逊于其他四大科技巨头——收入增长通常慢2-3倍，利润增速落后3-12倍。
她担忧这种疲软表现将冲击苹果26倍的远期市盈率（较其十年均值高出50%，比标普500指数溢价25%），特别是在缺乏重大iPhone升级周期的背景下。
Martin同时警告，苹果的“平台税”（15%-30%的应用商店抽成）面临监管与竞争双重压力，所有竞争对手都在游说取消该制度。更关键的是，苹果在生成式AI创新上的滞后，引发了对未来iOS生态系统的质疑。
她认为170-180美元才是苹果股票的理想入场点，并称若苹果“积极推行”广告收入战略以显著提升营收和每股收益，将转为看涨。
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