里昂指，新东方股价绩后跌逾两成，受东方甄选拖累盈利率逊预期及海外业务展望转弱影响，纵其K-12业务仍处于轨道。该行基于海外业务及东方甄选展望转弱，下调2025财年收入及盈利预测，将新东方目标价由94.1美元降至66.28美元，维持“跑赢大市”评级，基于目前估值不高。该行估算公司75%市值为净现金，连同K-12业务，即使不计东方甄选及海外业务，估值亦超越现市值。

该行预测公司2025财年收入按年升13.6%至49亿美元，教育业务按年升24%至42.5亿美元，较该行早前预测下调7%，主要基于东方甄选出售与辉同行及更疲弱海外业务展望，后者受海外留学意欲下降及疲弱宏观下消费降级影响。该行料公司第三财季教育收入按年升16%至10.4亿美元，略高于公司指引的10.1亿至10.3亿美元。

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