高盛：首予eToro(ETOR.US)“买入”评级欧洲市场份额有望不断增长

智通财经

Jun 10, 2025

智通财经APP获悉，高盛首次覆盖全球零售经纪商eToro(ETOR.US)，予“买入”评级，目标价为76美元。高盛对该公司在欧洲市场的前景持乐观看法。

高盛认为，在分散的欧洲零售经纪市场中，eToro的市场份额有望不断增长，动力源于差异化服务：地理和产品覆盖范围广(拥有泛欧客户群，可交易全球无杠杆和杠杆股票、货币、商品和加密货币);科技驱动的服务;以及CopyTrader，这一工具兼具风险控制和促进社交交易功能，迎合了年轻投资者的需求。在这些因素的推动下，eToro的市场份额自2019年以来提升了约5.5个百分点。

高盛预计，在2024年至2027年期间，eToro的账户将实现每年10%的结构性增长，而营收年复合增长率为9%，略低于账户增长率，原因是零售交易仍然强劲，但活跃度略低于2024年，且预计2025-2026年美联储将5次下调联邦基金利率，从而对净利息收入(NII)造成压力。

虽然eToro在美国市场的扩张潜力仍存在不确定性，但就其竞争力及最终盈利能力而言，具有吸引力的欧洲市场机遇应该能够充分弥补这一担忧。总体而言，高盛预计2024-2027年eToro净利润年复合增长率为15%，同行为9%。

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