Adobe +4.5% as analysts praise optimistic guidance

Nov. 05, 2019 7:25 AM ETAdobe Inc. (ADBE)ADBEBy: Brandy Betz, SA News Editor4 Comments
  • Citi maintains a Neutral rating on Adobe (NASDAQ:ADBE) and raises the target from $313 to $321, saying the outlook at yesterday's MAX event was "more optimistic" than expected.
  • Jefferies (Buy) raises from $340 to $350, seeing the conference highlighting "that there is plenty of opportunities left in the creative field, with numerous product innovations."
  • Cowen (Market Perform) lifts Adobe from $285 to $295, saying ADBE "sounded bullish about long-term growth prospects and made no mention of macro conditions weighing on demand conditions."
  • Yesterday, Adobe guided 2020 revenue of about $13.15B (estimate: $13.14B), 2020 EPS of $9.75 (estimate: $9.69), and Q4 Digital Media net new ARR of about $475M (+$25M from prior guidance). Adobe also said it's on tract for Q4 revenue of $2.97B with $2.25 EPS.
  • Adobe shares are up 4.5% pre-market to $290. The company has an Outperform average Sell Side rating.

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