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- Mizuho analyst Gregg Moskowitz downgraded Adobe Inc (NASDAQ:ADBE) to Neutral from Buy, and cut his Q4, FY23 estimates with a price target of $440, down from $480, ahead of the company's fiscal third-quarter results.
- Channel checks this quarter indicated a more complex environment than expected, even allowing for a challenging macro.
- While Moskowitz believes ADBE guided conservatively enough for 3Q, he wouldn't be surprised by a guide down for 4Q.
- The analyst also believes that Street revenue and EPS estimates for FY23 look too high.
- In Moskowitz's view, ADBE remains well-positioned to benefit from digital transformation with its highly comprehensive end-to-end offering.
- However, he also believes the shares could be range-bound over the near- to medium-term.
- Earlier analysts acknowledged Adobe's significant execution risks as it cut its full-year guidance.
- Price Action: ADBE shares traded lower by 0.41% at $393.19 on the last check Monday.
Crypto Whales Are Loading Up — Are You?
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.
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