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.

Walmart -- WMT-NYSE Buy -- $97.85 on Sept. 3 by Tigress Research We reiterate our Buy rating and increase our 12-month target price to $125, as Walmart continues to increase its operating efficiency by incorporating automation and technology, increasing supply-chain and fulfillment automation to lower costs, and further driving its ability to deliver increased customer value, combined with revenue and significant profitability growth....

Walmart continues to strategically reinvest its substantial cash flow to accelerate innovation in cutting-edge technologies, including generative artificial intelligence, advanced robotics, and real-time automation, which drive operating efficiencies, enable smart store openings and transformational upgrades, expand omnichannel capabilities, and enhance shareholder returns through ongoing dividend increases and share repurchases.

Liberty Global -- LBTYA-Nasdaq Buy -- $11.62 on Sept. 3 by Benchmark Research We maintain our Buy rating and $21 Liberty Global price target as we anticipate management actions and operational enhancements to gradually rectify the stock's gaping discount relative to U.S. and certain European peers. Liberty Global continues to pursue parallel strategy legs, namely 1) driving commercial momentum and monetizing Liberty Telecom infrastructure, while simultaneously 2) recycling capital within Liberty Growth into assets with clear structural tailwinds.

Operating conditions are admittedly highly competitive, particularly in the United Kingdom, where altnets and mobile virtual network operators are motivated to demonstrate viability even with noneconomic consumer offers. This is as group-level revenue and adjusted Ebitda are tracking guidance, supported by pricing actions and resilient average revenue per user.

McDonald's -- MCD-NYSE Hold -- $315.76 on Sept. 3 by Stifel McDonald's CEO and chief financial officer recently hosted sell-side analysts for a dinner in New York City. The meeting focused on McDonald's current value initiatives, particularly the relaunch of the Extra Value Menu with targeted discounts and new promotional plans. Management discussed the rationale behind these changes, the expected impact on franchisees and company margins, and the strategic timing of the promotions. The company is investing in marketing and temporarily supporting franchisees to ensure the success of these initiatives, aiming to improve value perception and attract low-income consumers....We are encouraged by the significant efforts the system is taking to enhance the brand's U.S. value proposition. However, we maintain our Hold rating at this time, as we await some indication that these initiatives will deliver the intended results. Price target: $315.

Scholastic -- SCHL-Nasdaq Buy -- $25.28 on Sept. 2 by B. Riley We are initiating coverage of Scholastic, a global children's publishing, education, and media company, with a Buy rating and a 12-month price target of $37 per share, suggesting a nearly 50% potential return on a dividend-adjusted basis. More broadly, we favor the company's powerful brand and longstanding relationships with key constituents, diverse portfolio of intellectual-property content, and unique school-based distribution channels.

In terms of our fundamental thesis over the interim, our positive stance reflects expectations for improving profitability (adjusted Ebitda) through the forecast period at $165 million and $185 million for fiscal years 2026 and 2027, respectively, with meaningful upside opportunity relative to a fiscal-year 2024 low ($137 million), over the longer term.

Affirm Holdings -- AFRM-Nasdaq Outperform -- $82.22 on Sept. 2 by Evercore ISI Our recent call to raise our 12-month price target to $100 is supported by a standout fiscal fourth-quarter 2025, a robust fiscal-year 2026 guide (with upside potential), and sustained momentum across the product suite (Affirm Card, 0% APR, Pay-in-X, etc.) that expands access to the broader point-of-sale total addressable market and drives the new customer acquisition flywheel.

We see Affirm as a clear leader in the substantial yet still relatively nascent buy-now, pay-later market, with significant runway to add new users, scale new products, and expand into new geographies. Our core investment thesis was confirmed by discussion with management that centered on the multiple levers that support Affirm's long-term growth algorithm, and the durability provided by both secular BNPL growth and Affirm's proven ability to capture additional market share in an increasingly competitive space.

Sphere Entertainment -- SPHR-NYSE Buy -- $45.99 on Sept. 2 by Seaport Research After attending the new Wizard of Oz production at The Sphere in Las Vegas, we were blown away by the visuals and audio of the remastered classic....In our opinion, and based on the audience reaction, we think this production could be even better received, and have greater durability and commercial life, than the first Sphere Experience original, Postcard from Earth. Price target: $52.

To be considered for this section, material should be sent to Research@barrons.com.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

September 05, 2025 20:30 ET (00:30 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.