Canaccord's Richard Davis maintains Adobe Systems Incorporated ADBE's Buy rating and continues the firm's price target of $110.00.
"We continue to push back against what seems to be a pervasive belief that Adobe's best days are behind it," said Davis. The analyst cited two reasons for his claim:
- Adobe marketing departments are upgrading their tools
- "Adobe has a fairly unique ability to 'close the loop' between cause and effect with its digital content creation and analytics engine"
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Additionally, Davis said, "Adobe, as it has done for the previous 20 years of its existence" might make a "relatively material acquisition during the consolidation cycle in the software industry."
This could create a "very short blip" in the stock price and would enhance Canaccord's investment thesis, according to Davis.
At the time of writing, Adobe traded at $94.74, down 4.99 percent on the day.
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