Wall Street Remains Divided On Adobe Post Q3 Beat - Adobe (NASDAQ:ADBE)

Adobe Inc's ADBE Q3 results saw a mixed response from Wall Street as the analysts remained cautious over the annual recurring revenue prospects. The analysts reiterated their ratings, and their price targets implied upside between 3.7% - 18.4%, based on the last closing price of $645.89.
Goldman Sachs analyst Kash Rangan raised the PT to $765 from $735, suggesting an 18.4% upside, and reiterated a Buy.
Rangan remained bullish, saying early summer seasonality amid vaccine effectiveness led to the smaller magnitude of the beat and did not diminish the prospects for upside in Q4.
Stifel analyst J. Parker Lane raised the PT to $750 from $725, indicating a 16.1% upside, and affirmed a Buy.
BMO Capital analyst Keith Bachman lowered the PT to $720 from $730, suggesting an 11.5% upside, but affirmed an Outperform.
Piper Sandler analyst Brent Bracelin raised the PT to $670 from $600, implying a 3.7% upside, and maintained an Overweight.
The Q3 results were good but not as great as Q2, as per Bracelin.
Citi analyst Tyler Radke raised the PT to $678 from $575, indicating a 4.97% upside, and affirmed a Neutral.
UBS analyst Karl Keirstead raised the PT to $690 from $625, implying a 6.8% upside, and maintained a Buy.
Oppenheimer analyst Brian Schwartz raised the PT to $680 from $600, suggesting a 5.3% upside, and reiterated an Outperform.
JPMorgan analyst Sterling Auty raised the PT to $680 from $660 and reiterated an Overweight.
Price Action: ADBE shares traded lower by 2.81% at $627.51 on the last check Wednesday.

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