FMP

FMP

Enter

Evercore ISI Reiterates Outperform Rating and $650 Target for Adobe Ahead of Q3 Earnings

- (Last modified: Sep 10, 2024 1:55 AM)

twitterlinkedinfacebook
blog post cover photo

Image credit: FMP

Evercore ISI analysts reiterated an Outperform rating on Adobe (NASDAQ:ADBE) with a price target of $650, emphasizing the company's attractive fundamental setup despite a less pronounced valuation discount. The company is set to report its Q3/2024 earnings on Thursday.

Initially, Adobe's Digital Media Net New Annualized Recurring Revenue (NNARR) guidance of $1.9 billion had caused the stock to drop, as it was lower than investor expectations. However, since then, the strong momentum of Adobe’s Firefly, driving both NNARR and usage levels, has exceeded guidance for the first two quarters of the year.

Despite the stock's 23% rise in the last three months due to strong results, the analysts expect further upside with Adobe's third-quarter results, leading into the MAX event in October. Historically, Adobe's third quarter has seen more substantial increases in NNARR guidance, and this year is expected to follow that trend. The analysts forecast that Adobe’s NNARR for the year could approach $2 billion, with potential additional upside in the fourth quarter. Furthermore, pricing headwinds that impacted the first half of the year are expected to turn into tailwinds for the second half, while products like Acrobat AI Assistant and Firefly continue to show strong momentum and could contribute further to future growth.

Other Blogs

May 14, 2024 11:41 AM - Sanzhi Kobzhan

The easiest way to calculate stock’s target price and why the target price is important.

A stock's target price, also known as its fair value, is an indication of what a share can cost based on the company’s forecasted financial statements. It is important to know a stock's fair value to find undervalued stocks with great growth potential. Let's consider how investment analysts calculat...

blog post title

May 16, 2024 8:06 PM - Gordon Thompson

Deutsche Bank Upgrades AST SpaceMobile to Buy Amid Legal Challenges

On Thursday, May 16, 2024, Deutsche Bank upgraded its rating on NASDAQ:ASTS to Buy, maintaining a hold position. At the time of the announcement, ASTS was trading at $4.03. This decision was accompanied by an increase in the price target for AST SpaceMobile, raised to $22 from $19, as detailed in a ...

blog post title

May 24, 2024 9:30 AM - Rajnish Katharotiya

How to Access and Analyze Earnings Call Transcripts

Earnings call transcripts are invaluable resources for investors, analysts, and financial enthusiasts. They provide insights into a company's performance, strategy, and future outlook, making them essential for making informed investment decisions. With Financial Modeling Prep, Earnings Call Transcr...

blog post title
FMP

FMP

Financial Modeling Prep API provides real time stock price, company financial statements, major index prices, stock historical data, forex real time rate and cryptocurrencies. Financial Modeling Prep stock price API is in real time, the company reports can be found in quarter or annual format, and goes back 30 years in history.
twitterlinkedinfacebookinstagram
2017-2024 © Financial Modeling Prep