UPDATE: Wolfe Research Starts Adobe (ADBE) at Outperform, 'Cash is King'

April 22, 2021 4:24 PM EDT
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Price: $548.46 -1.52%

Rating Summary:
    32 Buy, 14 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 10 | Down: 9 | New: 61
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(Updated - April 22, 2021 4:32 PM EDT)

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."

For an analyst ratings summary and ratings history on Adobe click here. For more ratings news on Adobe click here.

Shares of Adobe closed at $512.34 yesterday.

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