Adobe (ADBE) PT Raised to $600 at Stifel on Broad Based Strength
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Stifel analyst Parker Lane raised the price target on Adobe (NASDAQ: ADBE) to $600.00 (from $550.00) after the company reported Total revenue of $3.835bn (+23% y/y) ahead of consensus of $3.726bn. Subscription revenue grew 23% y/y to $3.520bn and Product revenue grew 20% y/y
to $153mn. EPS of $3.03 beat consensus of $2.81.
The analyst reiterated a Buy rating, seeing upside from "Digital Media and a heightened level of momentum in Experience Cloud. On the Experience Cloud front, we were encouraged by management's positive commentary around Experience Platform bookings, Workfront adoption, and renewal/retention rates following a more challenging business environment in FY20. With Digital Media continuing to show no signs of significant deceleration, it is clear that Adobe continues to benefit from a recovery of its SMB business, the adoption of new Mobile offerings and Stock, and a digital transformation of paperbased processes like e-signature with Adobe Sign. The combination of these factors gives us confidence in Adobe's ability to deliver a unique combination of 20% growth and 40%-plus margins in FY21".
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