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Canaccord Is Against The Majority On Adobe Systems: Reiterates Buy

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Canaccord Is Against The Majority On Adobe Systems: Reiterates Buy

Canaccord's Richard Davis maintains Adobe Systems Incorporated (NASDAQ: 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"

Related Link: Slowing Digital Marketing Trend Could Weigh On Adobe Stock

'Favorite Large-Cap Growth Stock'

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.

Latest Ratings for ADBE

DateFirmActionFromTo
Jan 2021Goldman SachsInitiates Coverage OnBuy
Dec 2020Credit SuisseMaintainsOutperform
Sep 2020DZ BankUpgradesHoldBuy

View More Analyst Ratings for ADBE
View the Latest Analyst Ratings

 

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