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.

Airbnb -- ABNB-Nasdaq Buy -- $125.49 on April 29 by D.A. Davidson We are upgrading shares of Airbnb from Neutral to Buy for four key reasons: 1) Leisure travel spending clearly won't be immune to any broader economic slowdown, but we expect continued penetration of online lodging/alternative accommodations; 2) Airbnb is the category leader in alt supply, with more than five million hosts and over eight million listings across 240-plus countries and territories. This breadth enables Airbnb to serve a wider variety of guest cost preferences; 3) Airbnb's tech stack development in recent quarters has set the stage for a sustained period of extensible product/feature launches that have the potential to bring sizable new (and asset light) revenue streams to Airbnb; and 4) after the 23% pullback in Airbnb shares in the past year, the stock is now trading at 16.5 times our lowered 2025 enterprise value to Ebitda, a 14% discount to its one-year average of 19 times and a 30% discount to its average since January 2022 of 23 times.

Price target $155.

Hewlett Packard Enterprise -- HPE-NYSE In Line -- $16.49 on April 30 by Evercore ISI We have seen increased interest in Hewlett Packard Enterprise over the past few weeks, since headlines around Elliott Investment Management having acquired a $1.5 billion stake in HPE and reports of Elliot seeking an executive change emerged. Our analysis suggests that shares of HPE could be worth about $25 to $30 when valuing each of the company's major segments separately, about 50% upside from where the stock trades today....We believe that HPE remains attractive from a value perspective...but investors will have to contend with the lack of certainty around the pending Juniper Networks acquisition. We do think that HPE management with or without activist engagement will look to maximize shareholder value if the Juniper transaction doesn't close. Price target/base case: $17.

Qorvo -- QRVO-Nasdaq Buy -- $62.65 on April 30 by Benchmark On strong sequential and annual growth in its defense and aerospace--driven high power amplifier business and probably a degree of pull-ins from its cellular customers ahead of expected tariffs, Qorvo turned in a solid March-quarter performance and gave an equally encouraging June-period outlook....

For its March quarter, Qorvo posted a $20 million revenue upside and $0.42 better-than-consensus earnings per share, on sales of $870 million and EPS of $1.42, versus the Street consensus of $850 million and $1, respectively. For its June quarter, Qorvo's outlook was also for a $20 million revenue upside, and EPS was about $0.02 ahead of the Street estimate on a sales and earnings forecast of $775 million and $0.62 to $0.63, at the midpoint, versus the consensus of $755 million and $0.61....

Included in Qorvo's June-quarter guidance is an assumed direct tariff-related impact of less than $1 million. This represents a historical cost run rate plus relevant new tariffs that will impact the company beyond the June quarter. Price target: $95.

Gibraltar Industries -- ROCK-Nasdaq Buy -- $52.30 on April 30 by Seaport Research Partners Gibraltar's tone on the first-quarter conference call was positive. We believe that the team has a 2025 EPS growth opportunity due to trends like backlogs building for agtech projects and market-share gains in the residential roofing businesses. The team reiterated the 2025 EPS guidance, despite a weaker renewables (solar) outlook related to the Commerce Department's anti-dumping and countervailing duty investigation and tariff uncertainty. The team stepped up the share repurchase authorization and mergers and acquisitions.

During the conference call...the team commented that there are local suppliers for many products and that China-only products aren't in short supply, and that higher tariffs can be mitigated with selling price increases. Price target: $90.

Newmark Group -- NMRK-Nasdaq Overweight -- $11.06 on April 30 by Piper Sandler In a world of tariff uncertainty, the strong results from Newmark Group speak volumes about its platform. The beat was driven by organic growth, as there were no acquisitions in the trailing 12 months, with capital markets +60% (versus +18% for the industry) and government sponsored enterprise, or GSE, mortgage originations +40%. All segments were up by double digits, which is impressive given the macro uncertainty that began earlier this year....

Similar to others that have reported thus far, management seems to be taking caution into account by not increasing guidance despite the strong first-quarter 2025. Price target: $19.

Norwegian Cruise Line Holdings -- NCLH-NYSE Outperform -- $17.38 on April 30 by Mizuho The first quarter was better than expected (Ebitda $453 million versus our $441 million and Street $441 million), and fiscal-year Ebitda maintained ($2.72 billion), but net yield guide lowered 50 basis points at midpoint to (2% to 3% versus prior 3%).

Heading into the print, we lowered our fiscal-year yield estimates to 2.5% in anticipation of slowing trends, so this isn't a surprise to us, but the stock will likely be down as investors try to extrapolate the pace of current bookings/price and overlay the trajectory in 2026.

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May 02, 2025 16:57 ET (20:57 GMT)

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