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Adobe Expects To ‘Deliver In A Bigger Way’: 6 Analysts Address Key Metrics, ‘Positive AI Commentary’

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Shares of Adobe Inc (NASDAQ:ADBE)were climbing in early trading on Friday, with the company reported upbeat quarterly results.

The results came amid an exciting earnings season. Here are six analyst takeaways.

  • BMO Capital Markets analyst Keith Bachman maintained an Outperform rating, while raising the price target from $525 to $580.
  • KeyBanc analyst Jackson Ader reiterated an Underweight rating, while lifting the price target from $445 to $450.
  • Bank of America Securities analyst Brad Sills reaffirmed a Buy rating and price target of $640.
  • Oppenheimer analyst Brian Schwartz maintained an Outperform rating and price target of $580.
  • RBC Capital analyst Matthew Swanson reiterated an Outperform rating and price target of $600.
  • JMP Securities analyst Patrick Walravens reaffirmed a Market Perform rating on the stock.

Check out other analyst stock ratings.

BMO Capital Markets: Adobe reported its NNARR (net new annual recurring revenue) around $45 million higher than the guidance of $440 million, Bachman said. The company raised its fiscal 2024 NNARR guidance from $1.9 billion to $1.95 billion.

The third-quarter guidance of $460 million implies a fourth-quarter NNARR of about $572 million, “which is about $20 million below our previous estimate,” the analyst stated. “More broadly, we thought Adobe had a more upbeat tone on the economic environment and generative AI adoption than other areas of software.”

KeyBanc Capital Markets: Adobe delivered a “solid” quarter, with NNARR for Creative Cloud being “a bit of …

Full story available on Benzinga.com

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