'More Difficult Environment' Forces Bullish Analyst To Jump Ship On $180 Billion Tech Giant

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  • Mizuho analyst Gregg Moskowitz downgraded Adobe Inc 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.
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Posted In: Analyst ColorNewsDowngradesPrice TargetAnalyst RatingsTechBriefs
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