新东方(EDU.US)盘前跌超2.6%，报45.49美元。消息面上，新东方去年11月底止2025财年二季度业绩，收入10.4亿美元，按年增19%，略高于市场预期；调整后归母净利润3600万美元，低于市场预期的4500万美元，主要因营销支出超预期。

摩根大通发表报告指，新东方管理层对于全年营收按年增长30%的目标亦信心不足，无法激活市场信心，将目标价由85美元大削至50美元，评级由“增持”下调至“中性”。摩根士丹利亦指，新东方2025财年第三季指引疲弱，认为第三季及其后时间的不确定性增加，将目标价从83美元降至52美元，评级由“增持”降至“与大市同步”。另外，瑞银将新东方目标价由94.3美元下调至86.2美元，给予“买入”评级。(格隆汇)

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