TECH - Adobe Shares Dip After-Hours On Soft Guidance Yet Here's Why This Analyst Foresees 'Meaningful Upside' in 2024 | Benzinga
Adobe, Inc. (NASDAQ:ADBE) witnessed a 5% drop in after-hours trading as the company provided a less-than-stellar fiscal year 2024 guidance. However, Piper Sandler analyst Brent Bracelin maintained an Overweight rating with a $650 price target.
Adobe’s Performance:
Bracelin highlighted Adobe’s robust fourth-quarter results, citing four consecutive quarters of 13% currency-neutral growth. This quarter marked the company’s first-ever $5 billion-plus revenue, breaking a two-year moderation trend.
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Market Reaction:
Despite the positive performance, Adobe experienced a post-earnings sell-off due to underwhelming guidance and heightened investor expectations. The stock’s impressive 86% year-to-date climb surpassed the S&P 500 Index’s 23% gain, contributing to the market’s reaction.
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