<p>高盛的分析师 Andrew Lee 对沃达丰维持卖出评级，目标价为 85.00 英镑。</p>
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<p>Andrew Lee 之所以给予卖出评级，是因为他认为多种因素限制了沃达丰中期的股权上行空间。他认为该公司在其核心欧洲市场面临结构性疲软的有机增长，竞争压力和监管阻力持续影响定价能力和用户变现。</p>
<p>与此同时，Andrew 认为沃达丰的资产负债表灵活性受到高杠杆和 5G 及光纤的持续资本支出需求的限制，留给股东回报的空间有限。他还认为，考虑到围绕投资组合简化、成本节约和资产处置的执行风险，这些风险已经在股价中得到充分反映，因此当前估值相较于历史水平和同行显得过高。</p>
<p>在昨天发布的另一份报告中，摩根大通也对该股票维持卖出评级，目标价为 0.85 英镑。</p>

沃达丰

沃达丰集团

<p>高盛的分析师 Andrew Lee 重申了对沃达丰的卖出评级，设定目标价为 0.85 英镑。他指出，欧洲市场面临结构性增长挑战，因高杠杆和资本支出需求导致的资产负债表灵活性受限，以及与历史水平和同行相比的估值过高。摩根大通也维持了相同的卖出评级，目标价不变，反映出对竞争压力和执行风险的担忧</p>

<p>Analyst Andrew Lee of Goldman Sachs maintained a Sell rating on Vodafone, with a price target of p85.00.</p>
<div class="lb-trans"><p>高盛的分析师 Andrew Lee 对沃达丰维持卖出评级，目标价为 85.00 英镑。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Andrew Lee has given his Sell rating due to a combination of factors that, in his view, limit Vodafone’s medium‑term equity upside. He sees the company facing structurally weak organic growth in its core European markets, where competitive pressure and regulatory headwinds continue to weigh on pricing power and subscriber monetisation.</p>
<div class="lb-trans"><p>Andrew Lee 之所以给予卖出评级，是因为他认为多种因素限制了沃达丰中期的股权上行空间。他认为该公司在其核心欧洲市场面临结构性疲软的有机增长，竞争压力和监管阻力持续影响定价能力和用户变现。</p>
</div><p>At the same time, Andrew believes Vodafone’s balance sheet flexibility is constrained by elevated leverage and ongoing capex needs for 5G and fiber, leaving limited scope for materially higher shareholder returns. He also judges the current valuation as stretched versus both historical levels and peers, given the execution risks around portfolio simplification, cost savings, and asset disposals that are already largely reflected in the share price.</p>
<div class="lb-trans"><p>与此同时，Andrew 认为沃达丰的资产负债表灵活性受到高杠杆和 5G 及光纤的持续资本支出需求的限制，留给股东回报的空间有限。他还认为，考虑到围绕投资组合简化、成本节约和资产处置的执行风险，这些风险已经在股价中得到充分反映，因此当前估值相较于历史水平和同行显得过高。</p>
</div><p>In another report released yesterday, J.P. Morgan also maintained a Sell rating on the stock with a £0.85 price target.</p>
<div class="lb-trans"><p>在昨天发布的另一份报告中，摩根大通也对该股票维持卖出评级，目标价为 0.85 英镑。</p>
</div>

Analyst Andrew Lee Reiterates Sell on Vodafone Amid Structural Growth Challenges, Constrained Balance Sheet, and Stretched Valuation

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摩根大通

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JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

分析师 Andrew Lee 重申对沃达丰的卖出评级，理由是其面临结构性增长挑战、资产负债表受限以及估值偏高