金吾财讯 | 摩根士丹利发布最新研报，将应用材料（AMAT）的目标股价从642美元下调79美元至563美元，并维持“持股观望”评级。研报指出，由于该股票估值已反应较多乐观预期，大摩将其估值倍数从26倍下调至22倍（仍高出2020年以来平均周期性倍数20倍约10%）。分析师表示，更倾向于寻找预期在市盈率中反映较少的投资标的。不过，尽管下调了目标价，大摩基于对NAND闪存及毛利率预期的提升，将应用材料2027年的营收预测上调至507亿美元，每股收益预测上调至20.92美元。同时预计其毛利率将从2025年的48.8%逐步攀升至2027年的52%。
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