智通财经APP获悉,Phillip Capital将奈飞(NFLX.US)评级从之前的“中性”下调至“卖出”,维持目标价950美元。由Helena Wang的分析师团队表示,此次评级调整是由于近期股价的上涨所导致的。鉴于该股票“估值过高”以及观众参与度的下降(这可能会降低广告收入,从而使其难以实现到 2025 年广告收入翻倍的目标),他们对其仍持谨慎态度。
Phillip Capital仍然认为奈飞具有很强的韧性,其受关税影响较小,且盈利增长势头强劲。该研究机构表示:“奈飞在视频点播服务领域仍占据领先地位,这得益于其显著的定价优势以及不断改善的利润率。奈飞多元化的内容库正在取得成效,并将继续带来回报。”
不过,他们认为,新增会员数量的增长速度可能会大幅加快,基于2025 年上半年的收入增长(同比增长 14%),但这也导致每位观众的平均消费额有所下降。
该研究机构表示:“用户参与度降低意味着每个用户获得的广告展示次数减少,这会直接导致广告收入的下降。然而,这其中一部分原因可能是奈飞对账户共享进行了限制,致使偶尔观看或不常观看的观众转而使用单独的账户,而这些账户的用户参与度更低。”
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