2025-05-15-Jefferies-零售（人工智能）情报_Revolve公司增加人工智能虚拟造型功能以提升购物体验_8页_135kb

Equity Research Summary: USA Discount Retailers May 15, 2025

AI Developments in Retail

This week's focus on AI advancements includes:

• Revolve: Launched an AI-powered virtual try-on tool for virtual styling, enhancing product discovery and aiming to reduce returns.
• eBay: Rolled out a conversational AI shopping agent for personalized product suggestions and improved browsing.
• Zalando: Utilized generative AI to accelerate marketing campaigns, reducing image creation time and costs.

Company Valuation and Risks

• Alphabet: $200 price target based on 12x EV/EBITDA, risks include macroeconomic impact and regulatory challenges.
• Amazon: $240 price target for 2026 based on 15x EV/EBITDA, risks from investment margins and regulatory pressures.
• eBay: UNDERPERFORM rating, risks include slower GMV growth if category renovations don't accelerate.
• Revolve: $24 price target based on 2026 P/E, risks including economic weakness and competitive pressures.
• Zalando: Coverage suspended due to growth risks.