UPDATE: Wolfe Research Starts Adobe (ADBE) at Outperform, 'Cash is King'
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Wolfe Research analyst Alex Zukin initiates coverage on Adobe (NASDAQ: ADBE) with a Outperform rating and a price target of $650.00.
The analyst comments "Consistent outperformance for on Net New Digital Media ARR is the most important key metric for Adobe’s stock to work. Here, we see a full return of the company’s SMB business combining with typically conservative guidance to drive net new DMARR of +$2.0B in FY21 (vs. guidance +1.8B). Looking ahead, and despite a best-in-class margin profile today, we see modest margin expansion driving material upside to consensus EPS and FCF estimates through FY23."
Shares of Adobe closed at $512.34 yesterday.
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