Edited by

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.

Lithia Motors -- LAD-NYSE Buy -- $311.87 on Oct. 22 by Seaport Research Partners Lithia reported third-quarter 2025 adjusted earnings per share of $9.50, which compares to our/consensus forecasts of $8.27/$8.57....Overall, we consider this a solid earnings result with several factors worth commending: solid new-vehicle results despite significant headwinds in the United Kingdom, used unit growth of 6.3%, aftersales gross profit growth of 9.1%, stable finance and insurance, gross profit per unit, and Direct Financing Corp., which remained solidly profitable, and selling, general, and administrative spend, which remained under control.

We think, however, that investors may be most encouraged by the significant share repurchase activity that underscores the strength, flexibility, and cash-generative characteristics of Lithia's business model. This print also gives us increased confidence in our Street-high 2026 earnings per share estimate of $40.53. Trading at just 7.5 times our 2026 EPS estimate, Lithia shares remain one of our top picks. Price target: $465.

Vertiv Holdings -- VRT-NYSE Outperform -- $174.80 on Oct. 22 by Evercore ISI Vertiv Holdings reported another strong quarter with revenue growing 29% -- led by product revenue, which was up 33.9% year over year, though services also contributed (up 9.9% Y/Y). Notably, organic orders accelerated -- increasing about 60% Y/Y (orders in the $3.5 billion ballpark if not higher) and backlog of $9.5 billion (up 28.4% Y/Y and 11.8% sequentially) with book-to-bill at about 1.4 times....

Despite concerns on the durability of the artificial-intelligence infrastructure buildout, we think Vertiv's strong backlog and orders momentum provide solid visibility for growth into calendar-year 2026. Notably, we think that Vertiv remains well positioned to capture share in an expanding market through its technological leadership. Price target/base case: $200.

EQT -- EQT-NYSE Hold -- $55.71 on Oct. 22 by Siebert William Shank EQT reported another strong quarterly beat across all key financial and operational metrics. However, the fourth-quarter 2025 guidance disappointed with lower production on higher capital expenditure....We believe that some near-term selling pressure could emerge on the disappointing fourth-quarter 2025 guidance; however, we believe that the direction of the stock will depend on its preliminary 2026 outlook commentary....

We reaffirm our Hold rating on relative valuation. Further, we see an unbalanced risk/reward setup, given the elevated investor expectation, as EQT is the best performing stock in our coverage universe with a positive total return of 21.8% year to date. Price target: $59.

General Motors -- GM-NYSE Buy -- $66.62 on Oct. 22 by Benchmark Research A clean print and another guidance raise underscore GM's execution, disciplined pricing, and strong cash generation; GM Financial remains resilient, and the balance sheet is solid.

That said, the quarter may have been "too good" for near-term risk-reward; we see a bumpier setup into the fourth quarter and early 2026 as tariffs, gradual pricing normalization, electric-vehicle demand moderation after third-quarter pull-forward, and warranty/mix variability temper operating leverage.

With the shares touching our $65 price target and printing an all-time high, we view the near-term upside as limited; we maintain our Buy rating but counsel patience for a better entry on volatility while we track tariff mitigation, EV ramp cadence, and capital returns.

Halliburton -- HAL-NYSE Buy -- $23 on Oct. 21 by Melius Research Halliburton remains a returns-focused, global oil-services leader and the only fully vertically integrated oilfield equipment and services company in North America. Its competitive position abroad and offshore continues to improve, giving it excellent exposure to future E&P spending trends, while its North American business provides a steady cash flow stream. The ownership interest in VoltaGrid signals a willingness to wade back into mergers and acquisitions and a push into the booming power market. The initial Middle East data center focus plays to the company's strengths of global industrial scale and deep, long-term relationships. We continue to rate the shares Buy. Price target: $43.

PennyMac Financial Services -- PFSI-NYSE Buy -- $128.78 on Oct. 22 by BTIC Research & Strategy We like PennyMac as the best blend between growth and value within our coverage right now, where the current stock valuation below 10 times earnings looks very reasonable relative to the company's achievable growth rate at current interest rates. There could be earnings upside versus our current estimate of $13.25 a share from building additional scale if rates are lower, although in the very near-term we're working under the assumption that mortgage rates will stay around 6%.

The stock's current valuation is barely above the level a year ago, even though we can identify a number of operational and financial enhancements, including tangible progress in reducing servicing costs, and an even larger pipeline of borrowers with pent-up demand to refinance if mortgage rates continue to fall.

Price target: $135.

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October 24, 2025 20:02 ET (00:02 GMT)

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