Wall Street Remains Divided On Adobe Post Q3 Beat
- Adobe Inc's (NASDAQ: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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