Adobe (ADBE) PT Rises to $650 at RBC Capital After Posting Monster Digital Media ARR
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RBC Capital analyst Matthew Hedberg raised the price target on Adobe (NASDAQ: ADBE) to $650.00 (from $575.00) after Total revenue of $3.835B was +22.6% Y/Y, and 3.1% above guidance. Digital Media net new ARR of $518M was 15% above guidance, above the 4-year average of 12%, and well above the last 2 quarters' 1.5% and 6.1%. EPS of $3.03 rose +24% Y/Y, and $0.22 above guidance, on a combination of the revenue strength and opex control.
The analyst reiterated an Outperform rating stating "Adobe built on the momentum it's been building the last few quarters, with beats of total revenue and Digital Media guidance only moderately less than in 1Q (that had been the most in 5 years and 4.5 years, respectively), and net new Digital Media ARR had a stronger than normal beat after two quarters of small beats. SMB trends in the US are largely back to pre-pandemic levels (and getting close to that internationally), the company continues to expand its TAM, with more new creative users coming into its orbit, and companies are increasingly aware of the need to digitally transform documents and processes."
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