ADBE price target lowered
June 14th, 2024
Analyst Color
TD Cowen’s J. Derrick Wood lowered their price target on Adobe (NASDAQ: ADBE) by 2.3% from $640 to $625 on 2024/06/10. The analyst maintained their Strong Buy rating on the stock.
Ahead of the 2024/06/13 release of Adobe’s Q2 2024 earnings report, Wood told investors that TD Cowen’s “DM partner survey showed weaker performance, implying softer SMB conditions.”
The upshot will probably be limited NNARR (Net New Annual Recurring Revenue) upside that could drive “Q3 guidance from management slightly below current consensus estimates,” the analyst said.
However, since investor sentiment on Adobe “is already fairly muted, this won’t come as a big surprise,” Wood said.
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Footnotes
Yahoo Finance reports that the current consensus EPS estimate for Adobe’s Q2 is $4.39 which, if achieved, would represent a 12.3% gain from Q2 2023’s $3.91.
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