<p>大多数时候，市场是正确的。换句话说，投资者和分析师通常会根据基础公司的潜力和前景合理定价股票。你只需要允许一些可预测的波动。</p>
<p>不过，华尔街和主街偶尔会失误。也就是说，市场让某只股票停留在低估其上行潜力的价格上。以下是我认为在市场消除折扣之前值得考虑加入投资组合的三只股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc4MzEveW91bmctaW52ZXN0b3Itc2l0dGluZy1hdC1kZXNrLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc4MzEveW91bmctaW52ZXN0b3Itc2l0dGluZy1hdC1kZXNrLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. Dutch Bros</h2>
<p>对于 <strong>Dutch Bros</strong>(BROS -1.00%) 的股东来说，今年是艰难的一年。该股票在去年十月到 2025 年二月之间飙升，受到 2024 财年第三季度出色业绩的乐观预期推动，当时收入同比增长 28%。但这家新兴的咖啡亭连锁店却无法重现那种魔力。该股票目前比二月的高点低了超过 40%，受到扩张计划现实的拖累。</p>
<p>这些现实是成本和时间。尽管公司最近将长期目标店铺数量从 4000 家提高到 7000 多家（目前略超过 1000 家），但投资者对支出对底线的影响以及对收入增长的微小影响并不感到兴奋。</p>
<p>退一步看更大的图景。确实，公司可以减少支出，从而拥有更大、更好的底线。然而，这无疑是一个积极进取的时机。竞争对手 <strong>Starbucks</strong> 正面临多重挑战，从劳动力问题到消费者偏好的变化，再到品牌疲劳和市场饱和。Dutch Bros 有机会抢占市场份额。然而，它需要迅速行动，以便在 Starbucks 重新整顿并反击其年轻竞争对手的增长之前。虽然这可能对 Dutch Bros 来说代价高昂，但从长远来看，这种短期的挫折是值得的。</p>
<p>事实上，Dutch Bros 的长期上行潜力可能不会花太长时间就会在其股价中体现出来。尽管今年持续疲软，但绝大多数分析师仍然建议该公司的股票是强烈买入，维持 12 个月的共识目标价为 81.59 美元，超过当前股价的 50%。</p>
<h2>2. DraftKings</h2>
<p><strong>DraftKings</strong>(DKNG -0.87%) 主要是一个在线体育博彩平台。尽管它的根基在于幻想体育（它仍然在做），自从 2018 年美国最高法院解除对体育博彩的禁令以来，该公司的主要利润来源已成为在允许通过移动应用提供服务的州进行的体育博彩。</p>
<p>在今年第二季度，DraftKings 的体育博彩处理量增长了 8.7%，接近 10 亿美元。它也逐渐进入在线赌场业务，第二季度的赌场收入增长了 23%，达到了 4.3 亿美元。这两者都延续了由越来越多允许在线博彩的州以及成熟市场的持续发展所驱动的长期增长势头。</p>
<p>然而，这种增长速度最近并没有让大多数投资者感到信服。在 COVID-19 疫情期间飙升后，随着封锁措施的结束，2023 年的反弹在 2024 年初减弱。自那时以来，该股票一直停滞不前。投资者担心公司可能面临设立新州的限制，同时还面临来自包括 Kalshi 在内的竞争对手的改善竞争。公平地说，这些都是合理的担忧。</p>
<p>然而，这些担忧忽视了关于 DraftKings 的几个重要的乐观细节。</p>
<p>首先，虽然 DraftKings 的业务确实存在结构性限制，但它距离这个限制还有很远。根据最新的数据，Legal Sports Report 表示，只有 30 个美国州加上华盛顿特区和波多黎各允许在线体育博彩，加州和德克萨斯州显然不在此列。我们还看到，一旦该公司在某个州开始运营，完全培育一个市场可能需要数年时间。即使在提供体育博彩时间最长的州，DraftKings 仍可能尚未达到其最大收入潜力。</p>
<p>另一个值得考虑的乐观细节是，DraftKings 拥有业内最顶尖的品牌之一——如果不是最顶尖的品牌——无论是在博彩、幻想体育，还是与职业体育团队、赌场甚至媒体公司之间的许可合作关系方面。例如，DraftKings 最近与 NBCUniversal 的体育部门建立了广告合作关系，展示了其品牌名称的多种变现方式。</p>
<h2>3. Snap</h2>
<p>最后，将 <strong>Snap</strong>(SNAP -1.96%) 加入你值得关注的股票名单，因为华尔街似乎已经忘记了它们。这只股票自 2021 年高点以来下跌了 90%，并且比分析师的共识目标价 9.21 美元低了超过 15%，自 2022 年中期以来似乎一直停滞不前。</p>
<p>找出这种冷漠并不太难。在 <strong>Meta Platforms</strong> 的 Facebook、Instagram 和 WhatsApp，加上 X（前身为 Twitter）、TikTok 以及其他一系列社交网络中，世界上最不需要的就是另一个社交网络网站。</p>
<p>然而，Snap 的母公司显然做对了某些事情。今年上半年，收入增长了超过 11%，延续了 2023 年重新点燃的增长势头，预计这种增长将至少持续到明年，尽管用户增长健康——即使不是令人兴奋。</p>
<p>这是怎么回事？</p>
<p>事实证明，也许另一个社交媒体网站正是世界所需要的，尽管更准确地说，它需要一种不同类型的社交网络平台。</p>
<p>尽管 X 和 Facebook 仍然相对有毒到令人无法享受，但 Snapchat 用户则相对较好地避免了他们想要躲避的帖子和人。这是因为用户界面中心没有 &#34;新闻推送&#34;。相反，Snapchat 用户通常只会看到和与经过批准的朋友互动。该公司最近甚至强调了一项研究，表明 &#34;与其他平台相比，使用 Snapchat 的时间与所检查的任何心理健康症状并没有显著关联。&#34;</p>
<p>这并不意味着会突然涌现出来自 Facebook、TikTok 或其他社交网络网站的新用户。如果还没有出现激增，那么也不会有。相反，应该关注那些对其他社交媒体平台感到厌倦的新用户的稳定、持续流入。当然，广告商会跟随这一人群，特别是现在它提供了像 App Power Pack 这样的特定工具，旨在促进广告商应用程序的下载。</p>

BROS

SNAP

<p>这篇文章讨论了三只可能被华尔街低估的成长股：Dutch Bros、DraftKings 和 Snap。Dutch Bros 面临挑战，但随着门店数量的增加，仍有增长潜力。尽管市场饱和的担忧，DraftKings 在在线体育博彩市场仍在持续增长。Snap 也被强调为值得关注的股票。分析师对这些公司的前景持积极态度，建议在市场认识到它们的真实价值之前，将其作为投资组合的良好补充</p>

<p>Most of the time the market gets it right. In other words, investors and analysts alike usually price a stock appropriately based on the underlying company's potential and prospects. You just have to allow for a bit of predictable volatility.</p>
<div class="lb-trans"><p>大多数时候，市场是正确的。换句话说，投资者和分析师通常会根据基础公司的潜力和前景合理定价股票。你只需要允许一些可预测的波动。</p>
</div><p>Every now and then though, Wall Street, as well as Main Street, misses the mark. That is to say, the market lets a stock linger at a price that underestimates its upside. Here's a closer look at three such names right now that I'd consider adding to a portfolio before the market unwinds the discount.</p>
<div class="lb-trans"><p>不过，华尔街和主街偶尔会失误。也就是说，市场让某只股票停留在低估其上行潜力的价格上。以下是我认为在市场消除折扣之前值得考虑加入投资组合的三只股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc4MzEveW91bmctaW52ZXN0b3Itc2l0dGluZy1hdC1kZXNrLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837831%2Fyoung-investor-sitting-at-desk.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. Dutch Bros</h2>
<div class="lb-trans"><h2>1. Dutch Bros</h2>
</div><p>It's been a tough year for <strong>Dutch Bros</strong>(BROS -1.00%) shareholders. The stock soared between last October and February 2025, fueled by bullish hopes following a fantastic fiscal third quarter 2024, when revenue jumped 28% year over year. But the up-and-coming chain of coffee kiosks just wasn't able to recreate that magic. The stock's more than 40% below February's peak, weighed down by the reality of its expansion plans.</p>
<div class="lb-trans"><p>对于 <strong>Dutch Bros</strong>(BROS -1.00%) 的股东来说，今年是艰难的一年。该股票在去年十月到 2025 年二月之间飙升，受到 2024 财年第三季度出色业绩的乐观预期推动，当时收入同比增长 28%。但这家新兴的咖啡亭连锁店却无法重现那种魔力。该股票目前比二月的高点低了超过 40%，受到扩张计划现实的拖累。</p>
</div><p>Those realities are cost and time. Although the company recently upped its long-term target store count from 4,000 to more than 7,000 (versus a little more than 1,000 right now) investors aren't exactly thrilled with the way spending is taking a toll on the bottom line, and the minimal impact it's making on revenue growth right now.</p>
<div class="lb-trans"><p>这些现实是成本和时间。尽管公司最近将长期目标店铺数量从 4000 家提高到 7000 多家（目前略超过 1000 家），但投资者对支出对底线的影响以及对收入增长的微小影响并不感到兴奋。</p>
</div><p>Just take a step back and look at the bigger picture. Sure, the company could spend less and boast a bigger, better bottom line. This is arguably the time to be aggressive, though. Rival <strong>Starbucks</strong> is on the ropes for reasons ranging from labor headaches to shifts in consumer preferences to brand fatigue to sheer saturation. Dutch Bros has a chance to steal market share. However, it will want to do so quickly before Starbucks regroups and counters its younger competitor's growth. It may be costly for Dutch Bros, but it will arguably be worth the short-term frustration in the long run.</p>
<div class="lb-trans"><p>退一步看更大的图景。确实，公司可以减少支出，从而拥有更大、更好的底线。然而，这无疑是一个积极进取的时机。竞争对手 <strong>Starbucks</strong> 正面临多重挑战，从劳动力问题到消费者偏好的变化，再到品牌疲劳和市场饱和。Dutch Bros 有机会抢占市场份额。然而，它需要迅速行动，以便在 Starbucks 重新整顿并反击其年轻竞争对手的增长之前。虽然这可能对 Dutch Bros 来说代价高昂，但从长远来看，这种短期的挫折是值得的。</p>
</div><p>In fact, it may not even take a long time for Dutch Bros' long-term upside to begin being reflected in its share price. Despite this year's persistent weakness, the vast majority of the analyst community still suggests the company's stock is a strong buy, maintaining a 12-month consensus price target of $81.59 that's more than 50% above the stock's current price.</p>
<div class="lb-trans"><p>事实上，Dutch Bros 的长期上行潜力可能不会花太长时间就会在其股价中体现出来。尽管今年持续疲软，但绝大多数分析师仍然建议该公司的股票是强烈买入，维持 12 个月的共识目标价为 81.59 美元，超过当前股价的 50%。</p>
</div><h2>2. DraftKings</h2>
<div class="lb-trans"><h2>2. DraftKings</h2>
</div><p><strong>DraftKings</strong>(DKNG -0.87%) is primarily an online sports-betting platform. Although its roots are in fantasy sports (which it still does), since the U.S Supreme Court lifted the ban on sports wagering back in 2018, this company's chief profit center has become sports betting in states where offering the service via a mobile app is possible.</p>
<div class="lb-trans"><p><strong>DraftKings</strong>(DKNG -0.87%) 主要是一个在线体育博彩平台。尽管它的根基在于幻想体育（它仍然在做），自从 2018 年美国最高法院解除对体育博彩的禁令以来，该公司的主要利润来源已成为在允许通过移动应用提供服务的州进行的体育博彩。</p>
</div><p>In Q2 of this year, DraftKings' sportsbook handle grew 8.7% to just under $1 billion. It's inched into the online casino business as well, with Q2's casino revenue improving 23% to reach $430 million. Both extend long-lived growth streaks driven by a combination of a growing number of states that permit such online wagering as well as the continued development of established markets.</p>
<div class="lb-trans"><p>在今年第二季度，DraftKings 的体育博彩处理量增长了 8.7%，接近 10 亿美元。它也逐渐进入在线赌场业务，第二季度的赌场收入增长了 23%，达到了 4.3 亿美元。这两者都延续了由越来越多允许在线博彩的州以及成熟市场的持续发展所驱动的长期增长势头。</p>
</div><p>This pace of growth hasn't proved all that convincing to most investors of late. After soaring during and because of the COVID-19 pandemic and then peeling back as the lockdown efforts wound down, the 2023 bounce-back waned at the beginning of 2024. The stock's been stuck there ever since. Investors are concerned that the company may be running out of states to set up shop, while at the same time faces improving competition including unlikely betting sites like Kalshi. And to be fair, these are legitimate concerns.</p>
<div class="lb-trans"><p>然而，这种增长速度最近并没有让大多数投资者感到信服。在 COVID-19 疫情期间飙升后，随着封锁措施的结束，2023 年的反弹在 2024 年初减弱。自那时以来，该股票一直停滞不前。投资者担心公司可能面临设立新州的限制，同时还面临来自包括 Kalshi 在内的竞争对手的改善竞争。公平地说，这些都是合理的担忧。</p>
</div><p>These concerns look past a couple of important bullish details about DraftKings, however.</p>
<div class="lb-trans"><p>然而，这些担忧忽视了关于 DraftKings 的几个重要的乐观细节。</p>
</div><p>First, while it's true there is a structural limit to how much business DraftKings can do, it's nowhere near there. As of the latest look, Legal Sports Report says only 30 U.S. states plus Washington, D.C., and Puerto Rico allow online sports wagering, with California and Texas notably missing from this list. We've also seen that it can take several years to fully cultivate a market once this company begins operations in a particular state. It's possible DraftKings still hasn't reached its maximum revenue potential even in the states where it's offered sports-based betting the longest.</p>
<div class="lb-trans"><p>首先，虽然 DraftKings 的业务确实存在结构性限制，但它距离这个限制还有很远。根据最新的数据，Legal Sports Report 表示，只有 30 个美国州加上华盛顿特区和波多黎各允许在线体育博彩，加州和德克萨斯州显然不在此列。我们还看到，一旦该公司在某个州开始运营，完全培育一个市场可能需要数年时间。即使在提供体育博彩时间最长的州，DraftKings 仍可能尚未达到其最大收入潜力。</p>
</div><p>The other bullish detail to consider is simply that DraftKings owns one of the premier names -- if not the premier name -- in the business, whether you're talking about wagering, fantasy sports, or licensing partnerships with professional sports teams, casinos, and even media companies. For instance, DraftKings recently entered an advertising relationship with NBCUniversal's sports arm, showcasing all the ways its brand name can be monetized.</p>
<div class="lb-trans"><p>另一个值得考虑的乐观细节是，DraftKings 拥有业内最顶尖的品牌之一——如果不是最顶尖的品牌——无论是在博彩、幻想体育，还是与职业体育团队、赌场甚至媒体公司之间的许可合作关系方面。例如，DraftKings 最近与 NBCUniversal 的体育部门建立了广告合作关系，展示了其品牌名称的多种变现方式。</p>
</div><h2>3. Snap</h2>
<div class="lb-trans"><h2>3. Snap</h2>
</div><p>Finally, add <strong>Snap</strong>(SNAP -1.96%) to your list of stocks worth a look while Wall Street's seemingly forgotten about them. This one's down 90% from its 2021 peak as well as more than 15% under analysts' consensus price target of $9.21, seemingly stuck in neutral since the middle of 2022.</p>
<div class="lb-trans"><p>最后，将 <strong>Snap</strong>(SNAP -1.96%) 加入你值得关注的股票名单，因为华尔街似乎已经忘记了它们。这只股票自 2021 年高点以来下跌了 90%，并且比分析师的共识目标价 9.21 美元低了超过 15%，自 2022 年中期以来似乎一直停滞不前。</p>
</div><p>It's not too tough to figure out the disinterest. Between <strong>Meta Platforms</strong>' Facebook, Instagram, and WhatsApp, plus X (formerly Twitter), TikTok, and a slew of others, the last thing the world needs it yet another social networking site.</p>
<div class="lb-trans"><p>找出这种冷漠并不太难。在 <strong>Meta Platforms</strong> 的 Facebook、Instagram 和 WhatsApp，加上 X（前身为 Twitter）、TikTok 以及其他一系列社交网络中，世界上最不需要的就是另一个社交网络网站。</p>
</div><p>And yet, Snapchat's parent is clearly doing something right. Revenue through the first half of this year is up a little more than 11%, extending growth that was rekindled in 2023 at a pace that's expected to last at least through next year on the heels of healthy -- even if not thrilling -- user growth.</p>
<div class="lb-trans"><p>然而，Snap 的母公司显然做对了某些事情。今年上半年，收入增长了超过 11%，延续了 2023 年重新点燃的增长势头，预计这种增长将至少持续到明年，尽管用户增长健康——即使不是令人兴奋。</p>
</div><p>What gives?</p>
<div class="lb-trans"><p>这是怎么回事？</p>
</div><p>As it turns out, perhaps another social media site is exactly what the world needs after all, although it might be more accurate to say it needs a different kind of social networking platform.</p>
<div class="lb-trans"><p>事实证明，也许另一个社交媒体网站正是世界所需要的，尽管更准确地说，它需要一种不同类型的社交网络平台。</p>
</div><p>Whereas X and Facebook remain relatively toxic to the point of being unenjoyable, Snapchat users remain rather well shielded from posts and people they're looking to avoid. That's because there is no &#34;news feed&#34; featured at the center of users' interface. Rather, Snapchat users generally only see and engage with approved friends. The company even recently highlighted a research study suggesting &#34;[in contrast to other platforms], a higher number of hours on Snapchat was not found to be significantly associated with any of the mental health symptoms examined.&#34;</p>
<div class="lb-trans"><p>尽管 X 和 Facebook 仍然相对有毒到令人无法享受，但 Snapchat 用户则相对较好地避免了他们想要躲避的帖子和人。这是因为用户界面中心没有 &#34;新闻推送&#34;。相反，Snapchat 用户通常只会看到和与经过批准的朋友互动。该公司最近甚至强调了一项研究，表明 &#34;与其他平台相比，使用 Snapchat 的时间与所检查的任何心理健康症状并没有显著关联。&#34;</p>
</div><p>This doesn't mean to look for a sudden rush of new users from Facebook or TikTok, or another other social networking site. If there's been no surge yet, there's not going to be one. Instead, look for a measured, persistent flow of new users who have grown weary of other social media platforms. Advertisers, of course, will follow this crowd, particularly now that it offers such specific tools like the App Power Pack, intended to spur downloads of an advertiser's app.</p>
<div class="lb-trans"><p>这并不意味着会突然涌现出来自 Facebook、TikTok 或其他社交网络网站的新用户。如果还没有出现激增，那么也不会有。相反，应该关注那些对其他社交媒体平台感到厌倦的新用户的稳定、持续流入。当然，广告商会跟随这一人群，特别是现在它提供了像 App Power Pack 这样的特定工具，旨在促进广告商应用程序的下载。</p>
</div>

华尔街可能忽视的 3 只成长股，但我并没有忽视