美国网件公司（Netgear）以Stifel的看涨观点发起

Stifel began coverage of connectivity solutions provider Netgear (NASDAQ:NTGR) with a Buy rating.

Shares of Netgear rose about 1% premarket on Friday.

Analysts led by Tore Svanberg highlighted three key investment points.

Firstly, the analysts said that the company has a differentiated ProAV platform. Netgear's Business segment (NFB) is becoming the primary growth driver, driven by differentiated ProAV (AV-over-IP) platform, expanded broadcasting and channel partnerships, and broadened solution portfolio that now integrates networking and security through a recent Exium acquisition. It is positioned for double-digit revenue growth and margin expansion in the near-to-medium-term, creating achievable pathway for Netgear to return to profitability in 2027, according to the analysts.

Secondly, there are home networking growth opportunities. The analysts noted that the segment is undergoing a product and strategic pivot designed to stabilize revenue, expand gross margin, and position the company as a trusted, U.S.-based alternative. The analysts expect the Home Networking segment to remain fairly steady in the coming quarters, potentially delivering slight year-over-year growth in 2026.

Lastly, Svanberg and his team highlighted enhanced subscription services. "Perhaps the most structurally transformative element of NETGEAR’s strategy lies in the scaling of its subscription services; specifically, (i) Insight for SMB network management; and (ii) Armor for consumer cybersecurity," said the analysts.

The analysts added that subscription revenue has consistently shown quarter-over-quarter growth, with Insight (cloud -based network management platform) offering centralized configuration, monitoring, and security for Managed Service Providers, or MSPs and small and medium-sized businesses, or SMBs.

Svanberg and his team noted that Armor provides router-level protection for up to 50 devices per household, VPN, ad-blocking, and extended warranty features, creating multiple layers of value within a single subscription.