<p>大多數時候，市場是正確的。換句話説，投資者和分析師通常會根據基礎公司的潛力和前景合理定價股票。你只需要允許一些可預測的波動。</p>
<p>不過，華爾街和主街偶爾會失誤。也就是説，市場讓某隻股票停留在低估其上行潛力的價格上。以下是我認為在市場消除折扣之前值得考慮加入投資組合的三隻股票。</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>圖片來源：Getty Images。</p>
<h2>1. Dutch Bros</h2>
<p>對於 <strong>Dutch Bros</strong>(BROS -1.00%) 的股東來説，今年是艱難的一年。該股票在去年十月到 2025 年二月之間飆升，受到 2024 財年第三季度出色業績的樂觀預期推動，當時收入同比增長 28%。但這家新興的咖啡亭連鎖店卻無法重現那種魔力。該股票目前比二月的高點低了超過 40%，受到擴張計劃現實的拖累。</p>
<p>這些現實是成本和時間。儘管公司最近將長期目標店鋪數量從 4000 家提高到 7000 多家（目前略超過 1000 家），但投資者對支出對底線的影響以及對收入增長的微小影響並不感到興奮。</p>
<p>退一步看更大的圖景。確實，公司可以減少支出，從而擁有更大、更好的底線。然而，這無疑是一個積極進取的時機。競爭對手 <strong>Starbucks</strong> 正面臨多重挑戰，從勞動力問題到消費者偏好的變化，再到品牌疲勞和市場飽和。Dutch Bros 有機會搶佔市場份額。然而，它需要迅速行動，以便在 Starbucks 重新整頓並反擊其年輕競爭對手的增長之前。雖然這可能對 Dutch Bros 來説代價高昂，但從長遠來看，這種短期的挫折是值得的。</p>
<p>事實上，Dutch Bros 的長期上行潛力可能不會花太長時間就會在其股價中體現出來。儘管今年持續疲軟，但絕大多數分析師仍然建議該公司的股票是強烈買入，維持 12 個月的共識目標價為 81.59 美元，超過當前股價的 50%。</p>
<h2>2. DraftKings</h2>
<p><strong>DraftKings</strong>(DKNG -0.87%) 主要是一個在線體育博彩平台。儘管它的根基在於幻想體育（它仍然在做），自從 2018 年美國最高法院解除對體育博彩的禁令以來，該公司的主要利潤來源已成為在允許通過移動應用提供服務的州進行的體育博彩。</p>
<p>在今年第二季度，DraftKings 的體育博彩處理量增長了 8.7%，接近 10 億美元。它也逐漸進入在線賭場業務，第二季度的賭場收入增長了 23%，達到了 4.3 億美元。這兩者都延續了由越來越多允許在線博彩的州以及成熟市場的持續發展所驅動的長期增長勢頭。</p>
<p>然而，這種增長速度最近並沒有讓大多數投資者感到信服。在 COVID-19 疫情期間飆升後，隨着封鎖措施的結束，2023 年的反彈在 2024 年初減弱。自那時以來，該股票一直停滯不前。投資者擔心公司可能面臨設立新州的限制，同時還面臨來自包括 Kalshi 在內的競爭對手的改善競爭。公平地説，這些都是合理的擔憂。</p>
<p>然而，這些擔憂忽視了關於 DraftKings 的幾個重要的樂觀細節。</p>
<p>首先，雖然 DraftKings 的業務確實存在結構性限制，但它距離這個限制還有很遠。根據最新的數據，Legal Sports Report 表示，只有 30 個美國州加上華盛頓特區和波多黎各允許在線體育博彩，加州和德克薩斯州顯然不在此列。我們還看到，一旦該公司在某個州開始運營，完全培育一個市場可能需要數年時間。即使在提供體育博彩時間最長的州，DraftKings 仍可能尚未達到其最大收入潛力。</p>
<p>另一個值得考慮的樂觀細節是，DraftKings 擁有業內最頂尖的品牌之一——如果不是最頂尖的品牌——無論是在博彩、幻想體育，還是與職業體育團隊、賭場甚至媒體公司之間的許可合作關係方面。例如，DraftKings 最近與 NBCUniversal 的體育部門建立了廣告合作關係，展示了其品牌名稱的多種變現方式。</p>
<h2>3. Snap</h2>
<p>最後，將 <strong>Snap</strong>(SNAP -1.96%) 加入你值得關注的股票名單，因為華爾街似乎已經忘記了它們。這隻股票自 2021 年高點以來下跌了 90%，並且比分析師的共識目標價 9.21 美元低了超過 15%，自 2022 年中期以來似乎一直停滯不前。</p>
<p>找出這種冷漠並不太難。在 <strong>Meta Platforms</strong> 的 Facebook、Instagram 和 WhatsApp，加上 X（前身為 Twitter）、TikTok 以及其他一系列社交網絡中，世界上最不需要的就是另一個社交網絡網站。</p>
<p>然而，Snap 的母公司顯然做對了某些事情。今年上半年，收入增長了超過 11%，延續了 2023 年重新點燃的增長勢頭，預計這種增長將至少持續到明年，儘管用户增長健康——即使不是令人興奮。</p>
<p>這是怎麼回事？</p>
<p>事實證明，也許另一個社交媒體網站正是世界所需要的，儘管更準確地説，它需要一種不同類型的社交網絡平台。</p>
<p>儘管 X 和 Facebook 仍然相對有毒到令人無法享受，但 Snapchat 用户則相對較好地避免了他們想要躲避的帖子和人。這是因為用户界面中心沒有 &#34;新聞推送&#34;。相反，Snapchat 用户通常只會看到和與經過批准的朋友互動。該公司最近甚至強調了一項研究，表明 &#34;與其他平台相比，使用 Snapchat 的時間與所檢查的任何心理健康症狀並沒有顯著關聯。&#34;</p>
<p>這並不意味着會突然湧現出來自 Facebook、TikTok 或其他社交網絡網站的新用户。如果還沒有出現激增，那麼也不會有。相反，應該關注那些對其他社交媒體平台感到厭倦的新用户的穩定、持續流入。當然，廣告商會跟隨這一人羣，特別是現在它提供了像 App Power Pack 這樣的特定工具，旨在促進廣告商應用程序的下載。</p>

BROS

SNAP

<p>這篇文章討論了三隻可能被華爾街低估的成長股：Dutch Bros、DraftKings 和 Snap。Dutch Bros 面臨挑戰，但隨着門店數量的增加，仍有增長潛力。儘管市場飽和的擔憂，DraftKings 在在線體育博彩市場仍在持續增長。Snap 也被強調為值得關注的股票。分析師對這些公司的前景持積極態度，建議在市場認識到它們的真實價值之前，將其作為投資組合的良好補充</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>大多數時候，市場是正確的。換句話説，投資者和分析師通常會根據基礎公司的潛力和前景合理定價股票。你只需要允許一些可預測的波動。</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>不過，華爾街和主街偶爾會失誤。也就是説，市場讓某隻股票停留在低估其上行潛力的價格上。以下是我認為在市場消除折扣之前值得考慮加入投資組合的三隻股票。</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>圖片來源：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>對於 <strong>Dutch Bros</strong>(BROS -1.00%) 的股東來説，今年是艱難的一年。該股票在去年十月到 2025 年二月之間飆升，受到 2024 財年第三季度出色業績的樂觀預期推動，當時收入同比增長 28%。但這家新興的咖啡亭連鎖店卻無法重現那種魔力。該股票目前比二月的高點低了超過 40%，受到擴張計劃現實的拖累。</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>這些現實是成本和時間。儘管公司最近將長期目標店鋪數量從 4000 家提高到 7000 多家（目前略超過 1000 家），但投資者對支出對底線的影響以及對收入增長的微小影響並不感到興奮。</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>退一步看更大的圖景。確實，公司可以減少支出，從而擁有更大、更好的底線。然而，這無疑是一個積極進取的時機。競爭對手 <strong>Starbucks</strong> 正面臨多重挑戰，從勞動力問題到消費者偏好的變化，再到品牌疲勞和市場飽和。Dutch Bros 有機會搶佔市場份額。然而，它需要迅速行動，以便在 Starbucks 重新整頓並反擊其年輕競爭對手的增長之前。雖然這可能對 Dutch Bros 來説代價高昂，但從長遠來看，這種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>事實上，Dutch Bros 的長期上行潛力可能不會花太長時間就會在其股價中體現出來。儘管今年持續疲軟，但絕大多數分析師仍然建議該公司的股票是強烈買入，維持 12 個月的共識目標價為 81.59 美元，超過當前股價的 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%) 主要是一個在線體育博彩平台。儘管它的根基在於幻想體育（它仍然在做），自從 2018 年美國最高法院解除對體育博彩的禁令以來，該公司的主要利潤來源已成為在允許通過移動應用提供服務的州進行的體育博彩。</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 的體育博彩處理量增長了 8.7%，接近 10 億美元。它也逐漸進入在線賭場業務，第二季度的賭場收入增長了 23%，達到了 4.3 億美元。這兩者都延續了由越來越多允許在線博彩的州以及成熟市場的持續發展所驅動的長期增長勢頭。</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，這種增長速度最近並沒有讓大多數投資者感到信服。在 COVID-19 疫情期間飆升後，隨着封鎖措施的結束，2023 年的反彈在 2024 年初減弱。自那時以來，該股票一直停滯不前。投資者擔心公司可能面臨設立新州的限制，同時還面臨來自包括 Kalshi 在內的競爭對手的改善競爭。公平地説，這些都是合理的擔憂。</p>
</div><p>These concerns look past a couple of important bullish details about DraftKings, however.</p>
<div class="lb-trans"><p>然而，這些擔憂忽視了關於 DraftKings 的幾個重要的樂觀細節。</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，雖然 DraftKings 的業務確實存在結構性限制，但它距離這個限制還有很遠。根據最新的數據，Legal Sports Report 表示，只有 30 個美國州加上華盛頓特區和波多黎各允許在線體育博彩，加州和德克薩斯州顯然不在此列。我們還看到，一旦該公司在某個州開始運營，完全培育一個市場可能需要數年時間。即使在提供體育博彩時間最長的州，DraftKings 仍可能尚未達到其最大收入潛力。</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>另一個值得考慮的樂觀細節是，DraftKings 擁有業內最頂尖的品牌之一——如果不是最頂尖的品牌——無論是在博彩、幻想體育，還是與職業體育團隊、賭場甚至媒體公司之間的許可合作關係方面。例如，DraftKings 最近與 NBCUniversal 的體育部門建立了廣告合作關係，展示了其品牌名稱的多種變現方式。</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>最後，將 <strong>Snap</strong>(SNAP -1.96%) 加入你值得關注的股票名單，因為華爾街似乎已經忘記了它們。這隻股票自 2021 年高點以來下跌了 90%，並且比分析師的共識目標價 9.21 美元低了超過 15%，自 2022 年中期以來似乎一直停滯不前。</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>找出這種冷漠並不太難。在 <strong>Meta Platforms</strong> 的 Facebook、Instagram 和 WhatsApp，加上 X（前身為 Twitter）、TikTok 以及其他一系列社交網絡中，世界上最不需要的就是另一個社交網絡網站。</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 的母公司顯然做對了某些事情。今年上半年，收入增長了超過 11%，延續了 2023 年重新點燃的增長勢頭，預計這種增長將至少持續到明年，儘管用户增長健康——即使不是令人興奮。</p>
</div><p>What gives?</p>
<div class="lb-trans"><p>這是怎麼回事？</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>事實證明，也許另一個社交媒體網站正是世界所需要的，儘管更準確地説，它需要一種不同類型的社交網絡平台。</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>儘管 X 和 Facebook 仍然相對有毒到令人無法享受，但 Snapchat 用户則相對較好地避免了他們想要躲避的帖子和人。這是因為用户界面中心沒有 &#34;新聞推送&#34;。相反，Snapchat 用户通常只會看到和與經過批准的朋友互動。該公司最近甚至強調了一項研究，表明 &#34;與其他平台相比，使用 Snapchat 的時間與所檢查的任何心理健康症狀並沒有顯著關聯。&#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>這並不意味着會突然湧現出來自 Facebook、TikTok 或其他社交網絡網站的新用户。如果還沒有出現激增，那麼也不會有。相反，應該關注那些對其他社交媒體平台感到厭倦的新用户的穩定、持續流入。當然，廣告商會跟隨這一人羣，特別是現在它提供了像 App Power Pack 這樣的特定工具，旨在促進廣告商應用程序的下載。</p>
</div>

華爾街可能忽視的 3 只成長股，但我並沒有忽視