Adobe (ADBE) PT Raised to $460 at Baird
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Baird analyst Rob Oliver raised the price target on Adobe (NASDAQ: ADBE) to $460.00 (from $345.00) while maintaining an Outperform rating.
The analyst commented, "Adobe reported solid 2Q20 (May) results, and strength in net new ARR will bekeenly welcomed by investors, while a few headwinds will temper the excitement. Theforward guidance implies Total ARR +21% yr-yr versus consensus +20% which weview as a key positive from the quarter. Headwinds in Advertising Cloud and Adobe’sdecision to stop pursuing transactional related revenue will weigh on reported resultsfor a few quarters. Experience Cloud bookings were a bit light, but starting to improve.Raising price target to $460 which represents 41x FY21E (Nov) EPS."
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