TECH - Adobe Shares Drop After 'Disappointing Guidance': 3 Analysts Evaluate Q4 Results | Benzinga
Shares of Adobe Inc (NASDAQ: ADBE) tanked by more than 14.2% to $489.38 at the time of publication on Friday, after the company reported fiscal first-quarter earnings.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
- Stifel analyst Parker Lane maintained a Buy rating, while reducing the price target from $650 to $625.
- JPMorgan analyst Mark Murphy maintained a Neutral rating, while trimming the price target from $600 to $570.
- Goldman Sachs analyst Kash Rangan reaffirmed a Buy rating and price target of $640.
Check out other analyst stock ratings.
Stifel: Adobe reported a "relatively clean” set of results for the fiscal first quarter, but this was "overshadowed by disappointing guidance around net new Digital Media ARR and resulting investor skepticism around the achievability of full year targets,” Lane said in a note.
"Despite consistent innovation ...