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Analysts slashed price targets on Adobe Inc (NASDAQ:ADBE) as it reported mixed Q4 results and issued an outlook below consensus.
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- Piper Sandler analyst Clarke Jeffries maintained an Overweight and lowered the price target from $670 to $630 (11.3% upside).
- Patrick Walravens from JMP Securities maintained a Hold.
- Oppenheimer analyst Brian Schwartz said the Digital Media bookings missed consensus in Q4 and the outlook.
- Schwartz believes it will lead to a downward reset of Adobe's growth and margin trajectory and could weigh on the stock's valuation.
- However, the FY22 outlook "appropriately addresses these concerns, and Adobe's outlook is positive."
- Stifel analyst J. Parker Lane lowered the price target to $700 from $750 (23.7% upside) and reiterated a Buy.
- Though Adobe "closed the year on a strong note," the company's initial FY22 outlook caused shares to trade-off nearly 10% midday.
- Lane blames factors including the impact of foreign exchange rates, the return to a 52-week fiscal year from 53 in FY21, increasing tax rates, and the fact that "Adobe has typically taken a conservative approach to guidance in the past."
- Lane believes the normalized growth outlook across key segments suggests the company continues to see strong demand trends.
- Price Action: ADBE shares traded lower by 0.98% at $560.56 in the premarket session on the last check Friday.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.