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.
Adobe -- ADBE-Nasdaq Perform -- $247.18 on April 22 by Oppenheimer At the recent analyst meeting, management provided upbeat investor presentations on the customer experience orchestration business and artificial-intelligence strategy, detailed its competitive differentiation across markets and large-language-model competitors, and enhanced model transparency. In addition, presentations showed strong underlying adoption and monetization trends for Adobe's AI solutions that support future accelerating growth if management can execute well with conversions and expansions.
In our view, Adobe's cadence of AI innovation and new product introductions remains impressive, and we left the meeting with better confidence about the company's ability to win in the agentic era and the enterprise market. Our Perform rating on Adobe shares reflects pricing and moat durability concerns from increasing competition during the industry's transition to AI technology, and fiscal-year 2026 guidance risk from the next CEO possibly resetting expectations.
Dell Technologies -- DELL-NYSE Outperform -- $212.36 on April 22 by Evercore ISI Boost Run recently announced a $1.4 billion purchase agreement with Dell for AI-related infrastructure. While the announcement didn't provide details on the timing of deployment, it did note that the agreement includes Dell hardware (AI compute + storage) and software that will support Boost Run's LT enterprise customer commitments and scale capacity across its colocation footprint.
Critically, we view this deal as an important data point -- AI infrastructure demand is no longer exclusive to hyperscalers and frontier model companies, but rather enterprise clients are beginning to demand dedicated, high-performance AI infrastructure. And Dell continues to be a beneficiary, as it is picking up incremental AI infrastructure spend from neoclouds/GPU-aaS providers that are now building out capacity to support long-term enterprise commitments.
Target price/base case: $240.
Vicor -- VICR-Nasdaq Buy -- $224.81 on April 21 by Needham Vicor posted a beat in first-quarter 2026 and provided a forward outlook for the first time since third-quarter 2023. Management emphasized that "2026 is a year of great opportunity."
Our key takeaways include: 1) The company guided second-quarter 2026 revenue to $126 million (vs. the Street's estimate of $124.3 million) and guided fiscal 2026 revenue to $570 million (vs. the Street's estimate of $547.8 million); 2) Vicor has identified opportunities to increase the annual revenue capacity of its Andover ChiP fab from its prior $1 billion target to $1.5 billion, with potential further upside; 3) Backlog increased 70% quarter over quarter to $300.6 million (from about $177 million in fourth-quarter 2025) and B:B was more than 2.0; and, 4) The company's lead customer for Gen 5 is ramping well, and we expect additional Gen 5 customers to follow.
Target price: $260.
American Electric Power -- AEP-Nasdaq Buy -- 133.28 on April 21 by Siebert Williams Shank We reiterate our of Buy investment rating on American Electric Power while raising our target price to $169 from $137 based on a blended valuation of our 2026-27 fundamental estimates and our still accelerating growth expectations for the company, which heavily influences our valuation expectations.
We have adjusted our valuation matrix as the equity market has been more effectively adjusting valuation expectations to the acceleration in utility growth than we previously expected. The result is shockingly positive for the stock, in our opinion. Still, we believe the adjustment is an ongoing process and we find American Electric Power shares still well undervalued.
VEON -- VEON-Nasdaq Buy -- $52.12 on April 22 by Benchmark Equity Research We expect VEON to continue to perform admirably in a likely inflationary global economy as investors increasingly recognize its appealing synthesis of high growth digital apps across effectively all major verticals alongside a frontier market mobile leadership backbone.
The demonstrated capacity of VEON subsidiary Kyivstar to advance top line during the four-year Russia-Ukraine conflict inspires confidence in VEON's ability to maintain growth in a global economy likely to be characterized by relatively high energy and food prices. This is especially apropos given a likely continuing Strait of Hormuz price premium barring a favorable diplomatic or military deux ex machina resolution with Iran. Target price: $75.
Travel + Leisure -- TNL-NYSE Outperform -- $76.15 on April 22 by Mizuho Travel + Leisure's core business is very strong, and what stands out to us is the strength in vacation ownership interest, or VOI. We believe there are two interesting (yet somewhat opposing forces): 1) streamlining, which will reduce costs by $70 million this year but also theoretically impact contract sales, and 2) an underappreciated WorldMark/Eddie Bauer sales acceleration. The net of those two dynamics creating stronger Ebitda margins, while maintaining top-line strength, fueling VOI segment Ebitda growth. Target price: $107.
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April 24, 2026 15:22 ET (19:22 GMT)
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