智通财经APP获悉，德意志银行将奥驰亚集团(MO.US)的评级从“买入”下调至“持有”，将目标价定为60美元。该行表示，由于近期面临的一些挑战，目前该公司股价的上涨潜力有限。下调评级也反映了围绕奥驰亚NJOY诉讼的不确定性。今年1月，美国国际贸易委员会裁定，NJOY ACE电子烟产品侵犯了Juul Labs的四项专利，并发布了有限排除令和停止令，禁止进口和销售NJOY ACE，直到2034年和2037年专利到期。因此，奥驰亚无法再在美国销售NJOY产品，这意味着NJOY的收入预计将从第二季度开始大幅下降。
展望未来，奥驰亚有潜在的前进道路，包括向联邦法院上诉ITC的判决，与Juul谈判和解，或通过实质等同豁免寻求FDA批准NJOY。由于潜在的盈利通配因素，德意志银行分析师团队认为，奥驰亚2025财年的市盈率为11.3倍，EV/EBITDA为6.9倍，估值相当合理。
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