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.

Chevron -- CVX-NYSE Buy -- $206 on Oct. 7 by Melius Research Chevron holds the most advanced foreign position in a reopened Venezuela: On Sept. 2, Chevron secured new fiscal terms and two greenfield Orinoco blocks. The plan lifts gross joint-venture production from about 280,OOO barrels a day to about 600,000 barrels a day by 2031 on more than $7 billion of joint-venture investment over five years -- at a total cost below $20 a barrel. Stability clauses protect the negotiated royalty and tax through changes of administration, and the contracts carry a right to international arbitration.

Despite political risk in Caracas and Washington, Chevron's position is strong as U.S. policy continues to actively support the expansion. Target price: $241.

Coinbase Global -- COIN-Nasdaq Buy -- $185.74 on Oct. 7 by BTIG Research & Strategy Coinbase Global shares have rallied more than 25% since the day after second-quarter earnings (July 31) as spot trading volume sequentially improved each month during third-quarter 2026 (per data we track from The Block). The data indicate that Coinbase's spot trading volume during September was the strongest month the company has had since February.

Additionally, Coinbase appears to be a share gainer during the quarter, with spot trading volumes down about 2% quarter over quarter compared with the broader crypto market, down about 7%.

We are lifting our Coinbase third-quarter 2026 revenue estimate by 2.8%, to $1.202 billion (from $1.169 billion) and are now 3.4% above consensus. Target price: $240.

Chewy -- CHWY-NYSE Outperform -- $18.14 on Oct. 7 by Mizuho Effective on Monday night, Chewy pushed through updates to its still early-stage Chewy+ membership program. We caught up with the company postchange. The main differences for the revamped program include: 1) a price cut to $59 per year from the $79 annual membership fee, which was initially tested at $49 dating back to November of last year; 2) added telehealth benefits and a 10% discount on future visits; and 3) free samples from vendors. We believe that the revised program brings a new baseline of features, with additional ones to be bolted on over time.

Our initial review doesn't screen as a material sales or customer driver just yet. We were looking for something more disruptive and directly appealing to pet owners. The burden of proof still very much remains on Chewy to reaccelerate the top line and break above the mid-single digit percentage core revenue cadence of recent quarters. Target price: $28.

IMAX -- IMAX-NYSE Buy -- $52.72 on Oct. 6 by Seaport Research Partners IMAX posted third-quarter 2026 box-office results throughout its network of $712 million, which was ahead of our $659 million estimate. Elevated indexing of films continues, among hits like The Odyssey (30%-plus), solid performers like (Resident Evil at 15%), and busts like Digger (18%). We expect a solid fourth-quarter 2026 to finish the year. Target price: $58.

Black Hills -- BKH-NYSE Buy -- $70.74 on Oct. 7 by Siebert Williams Shank Yesterday, Black Hills announced that it has executed agreements to provide approximately 590 megawatts of generation and other services to a Google data center to be constructed near the company's Cheyenne, Wyo., service area. The company indicated that while the data center is located in the Cheyenne region, it will serve the data center primarily with a new 564 MW nonregulated natural-gas-fired resource, Cheyenne Prairie Generating Station. The company expects the new power plant investment of roughly $1.8 billion and the services agreements to result in annual earnings of approximately $150 million in 2030.

The implications are huge for Black Hills as a stand-alone company....The company's expectations for $150 million of 2030 net income is nearly a 33% increase relative to our prior 2030 Black Hills estimate. Even with conservative assumptions for incremental equity dilution, we estimate that Black Hills' stand-alone earnings-per-share growth rate escalates almost 50% from 6.3% to over 9% through 2030. There are significant implications for balance-sheet improvement and dividend growth, as well. Target price: $91.

Sportradar Group -- SRAD-Nasdaq Buy -- $12.18 on Oct. 7 by StoneX Equity Research We view Sportradar Group's $170 million cash sale of Atrium Sports as an attractive monetization of a nonstrategic business with limited growth. We estimate annual revenue of approximately $44 million and adjusted Ebitda of $13 million-plus, implying transaction multiples of approximately four times sales and 13 times adjusted Ebitda. The estimated earnings contribution translates to approximately 11.5 million euros-plus, or 3.2% of our EUR360 million 2026 adjusted Ebitda forecast, with the actual fourth-quarter impact dependent on closing timing.

Sportradar retains key technology supporting its core offerings, while sale proceeds and an expected $50 million IMG Arena-related cash payment in November could provide approximately $220 million in combined gross cash inflows to support existing capital allocation priorities, including share repurchases. Target price: $14.

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