TECH - Adobe Shares Slide After Q4 Print But These Analysts Are Optimistic About GenAI Tailwinds | Benzinga
Adobe Inc (NASDAQ: ADBE) shares tanked in early trading on Thursday, even after the company reported upbeat fiscal fourth-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.
Stifel On Adobe
Analyst Parker Lane maintained a Buy rating while raising the price target from $600 to $625.
Adobe closed the year with a "solid” quarter, Lane said in a note. While the quarterly results exceeded expectations, the guidance for the current quarter and fiscal 2024 missed the consensus estimates, he added.
"The guide was surprising considering management's positive tone and our belief that Adobe is among the best-positioned names in our coverage from an AI standpoint,” the analyst stated.
Piper Sandler On Adobe
Analyst Brent Bracelin reiterated an Overweight rating and price target of $650.
Adobe’s strong quarterly results were "underpinned by the fourth straight quarter of 13% ex-FX growth after two years of moderation and the first quarter with $5B+ revenue,” Bracelin wrote in a note. The pressure on the stock was due to "disappointing guidance and high investor expectations,” ...