摩根士丹利发表研究报告指，新东方截至今年5月底止2025财年第四季业绩胜预期，但2026财年首季及全财年收入指引则较市场预期逊色，关注海外业务需求恶化会否拖累2026财年收入及利润率，认为集团实施成本控制措施未知能否抵销相关负面影响。集团给予2026财年首季展望，收入按年增长2%至5%，较市场预期低5%至8%，全年收入预期增长5%至10%，亦较市场预期低3%至7%。 大摩维持其“与大市同步”评级，美股目标价由48美元微降至47美元；基于第四财季业绩超出预期，将2026至2028财年各年非通用会计准则每股盈利预测上调12%、10%及3%，但下调远期盈利预测2%至6%，以反映市场竞争加剧对利润的影响。
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