Adobe (ADBE) Expert Call Takeaways - Jefferies
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Jefferies analyst Brent Thill reiterated a Buy rating and $600.00 price target on Adobe (NASDAQ: ADBE) after hosting an expert call with 2 ADBE Experience Cloud partners and 1 digital agency executive. Key takeaways include:
1) # of CC seats growing fast
2) pent-up demand driving more sales cycles for ADBE EC
3) clients shifting from Covid response to strategic projects
4) ad spend returning in impacted verticals
The analyst sees signs of an ad spending recovery stating "Our agency exec saw ad spend in travel & hospitality increase for 1st time this March - an early sign of recovery. He expects auto sector to boost spend over next 18 mos due to previously delayed new car launches. Stimulus checks are driving bigger spend (and CPM pricing on FB/IG) from e-commerce advertisers. In terms of overall spend, Jan was slow, but picked up sharply in March."
Shares of Adobe closed at $446.50 yesterday.
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