Title: Adobe Inc. (NASDAQ: ADBE) Expected to Beat Q3 Estimates, Analyst Upgrades Rating
Date: September 8, 2023
Time: 10:36 AM
Duration: 1 min read
Shares of Adobe Inc. (NASDAQ: ADBE) have garnered attention as investors eagerly await the company’s fiscal third-quarter earnings release. Analysts anticipate a positive outlook for Adobe, with Mizuho Securities reporting a “generally healthy” performance in Q3 and a “much better” performance expected in Q4.
In an exciting development, Gregg Moskowitz, a prominent Adobe analyst, recently upgraded the rating for Adobe from Neutral to Buy. He also revised the price target from $520 to $630, indicating an upward potential in the stock.
Moskowitz’s upgrade note highlighted the potential for Adobe to surpass estimates for net new Digital Media ARR (average recurring revenue) in the fiscal third quarter, citing a notable acceleration in web traffic. Furthermore, enterprise checks indicate strong large deal activity in Adobe’s fourth quarter (F4Q), presenting a positive outlook for the company’s financials. Moskowitz also identified the growth potential of Firefly, which is expected to significantly benefit Adobe’s financials in the Digital Media and Digital Experience segments. Additionally, Moskowitz expressed optimism about GenAI being a significant growth driver for Adobe.
At the time of publication on Friday, shares of Adobe had risen by 1.13% to $566.80, reflecting the market’s positive sentiment towards the company.
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