[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio85f3727f":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio85f3727f","AI服务器是盛宴还是价值泡沫？Evercore-ISI下调慧与科技(HPE)评级至“与大盘持平“，股价大跌超10%","\u002Fdoc\u002Fdcio85f3727f","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网注意到，企业技术基础设施公司慧与科技(HPE)股价周一大跌近11%。该股下跌6.68美元，收于55.41美元，此前Evercore ISI将其评级从\"跑赢大盘\"下调至\"与大盘持平\"，理由是股价大幅上涨后，风险回报比已趋于均衡。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这轮下跌发生在前一个交易日慧与科技刚刚大涨逾12%之后，该股近期交投震荡。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Evercore ISI近日将慧与科技评级从\"跑赢大盘\"下调至\"与大盘持平\"，认为在该股近期上涨之后，其风险回报比已变得更为均衡。该机构维持65美元的目标价，并指出Juniper整合进展、利润率改善以及可能与Helios相关的需求，都是可能促使其看法转向更积极的因素。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>9月2日，该公司公布非GAAP每股收益为1.11美元，营收为122亿美元，两项均高于市场一致预期。管理层将2027财年的营收增长框架上调至13%–17%，并预计自由现金流至少达到50亿美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>在财报电话会议上，管理层还指出，内存和晶圆产能方面的供应限制预计将持续存在，并表示随着云与AI业务占比上升，毛利率将向历史水平回落。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>第三财季财报公布后的两周内，华尔街对慧与科技的评级调整密集落地。近一个月内，至少13家投行更新了对这家企业技术基础设施公司的目标价或评级，方向呈罕见的\"两头拉伸\"美国银行把目标价推高至88美元、创下街高，富国银行则砍至54美元、触及街低。88与54之间的巨大鸿沟，正是市场对AI服务器盛宴与毛利率隐忧的一次真实投票。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>上调阵营订单簿是最好的论据\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>财报后的第一波动作几乎一边倒地偏多。Raymond James的Simon Leopold将目标价从74美元一举上调至86美元并维持\"买入\"，理由是AI服务器动能延续，传统服务器与存储的贡献也在改善。美国银行的Wamsi Mohan更显激进8月31日先把目标价从80美元提至82美元，财报次日再推至88美元，直言看好AI驱动的增长与利润率扩张潜力。巴克莱的Tim Long从67美元上调至79美元，指出第三财季的超预期既来自服务器需求，也来自售价与利润率的双重改善。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>花旗的Asiya Merchant将目标价从74美元提至76美元，她特别强调AI推理与代理式AI工作负载推动慧与科技标准化订单簿增长42%，并预计现金流改善将使公司自第四财季起加大股东回报。德意志银行、Truist、摩根大通、Argus亦纷纷上调或维持买入评级，目标价集中在68至70美元区间。摩根士丹利维持\"超配\"评级，目标价在67至69美元之间小幅调整——该机构早在8月中旬就已把评级从\"均配\"上调。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>谨慎阵营不是不看好，是涨得太快\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>另一端的动作同样密集，但多为\"砍目标价、不降评级\"的克制姿态。富国银行的Aaron Rakers最为决绝，将目标价从67美元大幅下调至54美元并维持\"与大盘持平\"，成为全场最低目标价。Piper Sandler降至57美元、瑞银降至59美元、Susquehanna降至62美元，三家均维持\"中性\"或\"持有\"；KeyBanc亦重申持有。而就在本周一，Evercore ISI更进一步，将评级从\"跑赢大盘\"下调至\"与大盘持平\"，引发HPE单日大跌近11%，收于55.41美元——这正是这轮评级分化的最新注脚。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>谨慎派的逻辑并不复杂慧与科技股价年初至今累计上涨约118%，风险回报比已明显收窄。管理层在财报电话会上也亲口承认，内存与晶圆产能的供应约束将持续存在；随着Cloud & AI业务占比上升，毛利率将向历史水平回落。换言之，AI放量是真，但放量未必等于放利润。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>综合TipRanks与MarketBeat数据，覆盖慧与科技的18家分析师中，12家\"买入\"、1家\"强力买入\"、5家\"持有\"、无一\"卖出\"，共识评级为\"适度买入\"，平均目标价69.44美元，较现价仍有约16%的上行空间。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]