These reports, excerpted and edited by Barron's, were issued recently by investment and research firms. The reports are a sampling of analysts' thinking; they should not be considered the views or recommendations of Barron's. Some of the reports' issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.
Take-Two Interactive Software -- TTWO-Nasdaq Buy -- $212.17 on Feb. 4 by Benchmark Equity Research Take-Two delivered a decisive third-quarter beat and raised fiscal-2026 guidance, reinforcing confidence that the company is entering a multiyear inflection driven by accelerating live services, mobile momentum, and the upcoming Grand Theft Auto VI supercycle. Management reiterated expectations for record net bookings in fiscal 2027 and confirmed that summer 2026 marketing for GTA VI will begin, which we believe could coincide with the next major trailer and act as a powerful sentiment and valuation catalyst ahead of the Nov. 19, 2026, launch. Engagement across GTA V and GTA Online continues to accelerate, NBA 2K is delivering record engagement and monetization, and direct-to-consumer is emerging as a meaningful growth and margin lever. Recent share price weakness, driven in part by AI-related concerns, appears disconnected from fundamentals and creates an attractive entry point into a rare multiquarter catalyst cycle. We reiterate our Buy rating and $300 price target and would be aggressive buyers at current levels.
Mondelez International -- MDLZ-Nasdaq Outperform -- $59.47 on Feb. 4 by Mizuho Fourth-quarter earnings per share beat on favorable interest and taxes, while lighter fiscal-year 2026 EPS reflects material global reinvestment and some flex to absorb weaker chocolate pricing; a lighter revenue outlook accommodates flex for first-half European Union retailer pricing negotiations and assumed weak North America category trends. We view fiscal-2026 guidance as a likely floor for growth, and modest upside potential exists for revenue/Ebit/EPS while we exit confident that normalized chocolate profitability is achievable in fiscal 2027. We are modestly reducing our estimated fiscal-2026 EPS ($3.08 from $3.10) on reinvestment, and maintain our estimated fiscal 2027 ($3.47; 13% year over year). As we believe the model remains capable of normalized EPS 10% to 11%, further upside is likely versus our out-year estimate on larger net cocoa cost benefits. We are maintaining our $67 price target on about 22 times our estimated calendar-year 2026 EPS (about 10% premium versus global staples peers).
Cloudflare -- NET-NYSE Buy -- $170.31 on Feb. 4 by BTIG We are upgrading Cloudflare to a Buy and introducing a $199 price target. Over the past couple of weeks, we spoke to five partners with a view on $100 million-plus in combined annual Cloudflare sales. Our field checks were consistently strong on multiple fronts. We think the company's long-term growth opportunity in its core web application protection market is underappreciated. We see Cloudflare rapidly gaining share in Zero Trust/SASE. And momentum on developer services has clearly been building throughout 2025 and into 2026. Based on our product level analysis, we think Cloudflare can conservatively sustain high-20s revenue growth through 2028.
Enphase Energy -- ENPH-Nasdaq In Line -- $37.28 on Feb. 4 by Evercore ISI Enphase's fourth-quarter 2025 results reflected a quarter of transition, with headline results stepping down sequentially due to lower safe harbor revenue and continued European weakness, while underlying U.S. demand trends improved meaningfully ahead of the Section 25D tax credit expiration. Management exited the year with leaner channel inventories, healthy margins despite tariff headwinds, and a strong balance sheet, positioning first-quarter 2026 as a cyclical trough with a gradual recovery expected through 2026. While new products and financing structures provide incremental tailwinds, we remain cautious on the pace and durability of the recovery, given policy uncertainty and uneven regional demand. That said, we are increasing our price target to $43 from $33, largely reflecting a higher valuation multiple.
Silicon Laboratories -- SLAB-Nasdaq Hold -- $136.62 on Feb. 3 by Needham On Feb. 4, Texas Instruments and Silicon Labs announced they have signed a definitive agreement under which Texas Instruments will acquire Silicon Labs for $231 per share in an all-cash transaction. The acquisition price represents a 69.1% premium to Silicon's Feb. 3 closing price and values the company at a $7.5 billion enterprise value. We believe Texas Instruments is uniquely positioned to generate significant deal synergies through the insourcing of Silicon Labs' wafer manufacturing and assembly and test requirements. As such, we believe Texas Instruments, among its peers, will realize the greatest synergies from an acquisition of Silicon Labs and do not expect any additional bidders to emerge. Accordingly, we downgrade Silicon Labs to Hold and remove our 12-month price target.
Valvoline -- VVV-NYSE Buy -- $33.29 on Feb. 3 by TD Cowen Strong first-quarter results as comps at 5.8% and Ebitda margin came in ahead of expectations. Comps stacks nicely improved quarter over quarter and set up the year well, as compares will now ease. We think the maintained fiscal-year guide makes sense this early in the year (even if margins are conservative) but expect estimates to gravitate higher. Price target: $38.
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February 06, 2026 14:48 ET (19:48 GMT)
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