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

Corey Tarlowe * | Equity Analyst(212) 323-7541 | ctarlowe@jefferies.comRandal J. Konik * | Equity Analyst(212) 708-2719 | rkonik@jefferies.comTy-Lynn Johnson * | Equity Associate+1 (212) 778-8339 | tjohnson2@jefferies.comKylie Cohu * | Equity Analyst(212) 778-8701 | kcohu@jefferies.comMantero Moreno-Cheek * | Equity Associate(212) 778-8407 | mmorenocheek@jefferies.comCarlos Gallagher * | Equity Associate+1 (786) 535-2025 | cgallagher1@jefferies.comMina Solujic * | Equity Associate+1 (212) 444-4298 | msolujic@jefferies.com Company Valuation/RisksAlphabet, Inc.Our $200 PT is based on 12x EV/EBITDA our forward NTM estimates, which is inline with the stock's 12x historical average given its superiorfundamentals relative to ad peers. Risks include impact from macro, regulatory overhang, margin pressure from ongoing investments, and impactsfrom shift toward generative AI, mobile, in-app, and voice-to-core search.Amazon.com, IncValuation:Our $240 PT is based on ~15x 2026E EV/EBITDA.Risks:Ongoing need to invest keeps a lid on margin expansion; regulatory pressureleads to increasing costs; macroeconomic headwinds cause top-line growth to slow.eBay, Inc.Our PT is based on a SOTP. Upside risks: 1) Category renovations and marketing drive an acceleration in GMV growth, 2) On-site advertising growthaccelerates more than expected; 3) U.K. monetization framework is more successful than expected.Revolve Group, Inc.Our $24 PT is based on ~30x F‘26 P/E and ~18x F’26 EV/EBITDA. Downside risks include: economic weakness, competition, and fashion risk. Upsiderisks include: return rates experiencing large declines and AOV, total orders, and active customers witnessing robust growth.Analyst Certification:I, Corey Tarlowe, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Randal J. Konik, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Ty-Lynn Johnson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Kylie Cohu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Mantero Moreno-Cheek, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Carlos Gallagher, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Mina Solujic, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresRayyan Matraji owns shares of Amazon.com common stock Steven DeSanctis owns shares of Amazon.com common shares.Please see important disclosure informati