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Shares of Adobe Systems Incorporated (NASDAQ:ADBE) hit a new all-time high just shy of $130 after the company's fiscal first quarter report came in better than expected.
Brent Bracelin of Pacific Crest maintained an Overweight rating with a price target boosted to $142 from $122.
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Bracelin highlighted Adobe's results in which revenue rose 21.6 percent year-over-year to $1.68 billion and was driven by a 29 percent subscription growth which now accounts for 82 percent of total sales. The analyst added that Adobe's strength was also broad-based, including a 28 percent growth in Creative Cloud but the "bigger surprise" in the quarter was Adobe's 43 percent boost in net profits which was driven by continued operating leverage.
Success Stories
Bracelin's price target boost was mostly due to Adobe's cloud and subscription momentum, which is expected to continue driving top-line growth and also deliver margin expansion in 2017.
The analyst noted Adobe's many "customer success stories" from companies including Facebook Inc (NASDAQ:FB), which Adobe is a badged Facebook Marketing Partner, with Ad Technology and Community Management specialties.
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Another example of Adobe's "customer success" story comes from T-Mobile US Inc (NASDAQ:TMUS) in which T-Mobile saves millions of dollars by using the Adobe Digital Enterprise Platform and Adobe Flash® Platform solutions to transform customer experiences.
The Bottom Line
Bottom line, the analyst argued Adobe is now a "juggernaut" within the creative market with a "dominant position." As such, the company could grow into a $10 billion revenue franchise within five years and the stock should be viewed as a core cloud holding among investors.
In fact, Bracelin isn't alone in his bullish view as analysts at Canaccord also labeled the stock as being the best large-cap name in its space.
See Also:
Adobe's Premium Valuation Is Warranted; Wunderlich Upgrades To Buy
Salesforce Remains A Favorite Among Cloud Stocks In 2017
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.