金吾财讯 | 摩根大通新近发布研报，将Klarna Group（KLAR）股票评级由“增持”下调至“中性”，并将目标价由22美元大幅下调至18美元。由于德国等关键欧洲市场的可选消费支出显著放缓、支付交易量下行，加上汇率折算的负面影响，Klarna提供了令人失望的下半年展望。摩根大通分析师指出，欧洲宏观环境趋弱导致其对公司下半年调整后营业利润（AOI）的预期大幅下调了约40%。该行指，公司在最新的业绩展望中调整了其“公平融资”贷款的会计核算方式（转向公允价值会计处理），这一突然转变进一步加剧了市场的观望情绪。此外，Klarna宣布首席财务官Niclas Neglén和首席营销官David Sandstrom计划于2027年初离职。摩根大通分析师表示，高管离职与业绩指引下调、会计变更交织在一起，给公司运营和市场情绪带来了额外的阻碍。摩根大通表示，基于当前的多重挑战，Klarna在投资者中重建信誉将需要更长时间，且中期的业绩可见度已明显降低。
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