<p>高盛的分析師 Andrew Lee 對沃達豐維持賣出評級，目標價為 85.00 英鎊。</p>
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<p>Andrew Lee 之所以給予賣出評級，是因為他認為多種因素限制了沃達豐中期的股權上行空間。他認為該公司在其核心歐洲市場面臨結構性疲軟的有機增長，競爭壓力和監管阻力持續影響定價能力和用户變現。</p>
<p>與此同時，Andrew 認為沃達豐的資產負債表靈活性受到高槓杆和 5G 及光纖的持續資本支出需求的限制，留給股東回報的空間有限。他還認為，考慮到圍繞投資組合簡化、成本節約和資產處置的執行風險，這些風險已經在股價中得到充分反映，因此當前估值相較於歷史水平和同行顯得過高。</p>
<p>在昨天發佈的另一份報告中，摩根大通也對該股票維持賣出評級，目標價為 0.85 英鎊。</p>

沃達豐

沃達豐集團

<p>高盛的分析師 Andrew Lee 重申了對沃達豐的賣出評級，設定目標價為 0.85 英鎊。他指出，歐洲市場面臨結構性增長挑戰，因高槓杆和資本支出需求導致的資產負債表靈活性受限，以及與歷史水平和同行相比的估值過高。摩根大通也維持了相同的賣出評級，目標價不變，反映出對競爭壓力和執行風險的擔憂</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>高盛的分析師 Andrew Lee 對沃達豐維持賣出評級，目標價為 85.00 英鎊。</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>
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<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
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</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 之所以給予賣出評級，是因為他認為多種因素限制了沃達豐中期的股權上行空間。他認為該公司在其核心歐洲市場面臨結構性疲軟的有機增長，競爭壓力和監管阻力持續影響定價能力和用户變現。</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>與此同時，Andrew 認為沃達豐的資產負債表靈活性受到高槓杆和 5G 及光纖的持續資本支出需求的限制，留給股東回報的空間有限。他還認為，考慮到圍繞投資組合簡化、成本節約和資產處置的執行風險，這些風險已經在股價中得到充分反映，因此當前估值相較於歷史水平和同行顯得過高。</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>在昨天發佈的另一份報告中，摩根大通也對該股票維持賣出評級，目標價為 0.85 英鎊。</p>
</div>

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

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高盛

摩根大通

GS Hldg R

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

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

分析師 Andrew Lee 重申對沃達豐的賣出評級，理由是其面臨結構性增長挑戰、資產負債表受限以及估值偏高