Stephens Reiterates Overweight Rating on Adobe (ADBE)
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Stephens analyst James Rutherford reiterated an Overweight rating and $327.00 price target on Adobe (NASDAQ: ADBE) following the company's 3Q earnings report. Adobe posted a revenue beat ($2.83 bil. vs. consensus at $2.81 bil.), and an EPS beat ($2.05 vs. consensus of $1.97).
Adobe gave revenue guidance of $2.97 bil. vs. consensus of $3.0 bil., and adj. EPS guidance of $2.25 vs. consensus of $2.30. The F4Q guide was below expectations, driven by Experience Cloud, with revenue growth guided only at 23% YOY vs. our 35% growth expectation.
Shares of Adobe closed at $277.63 yesterday.
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