Why Jefferies Sees 18% Upside In Adobe?

Jefferies analyst Brent Thill raised the price target on Adobe Inc ADBE to $760 from $750, implying a 17.7% upside, and reiterated a Buy, post Q3 results.
Adobe reported a "solid beat" for Q3, though with a smaller upside than in the first half and smaller than what investors expected after the "robust" Q2 results, Thill noted.
The management explained that Q3 seasonality was as expected and as guided last quarter.
Thill kept Adobe as a top-four large-cap software pick.
Piper Sandler analyst Clarke Jeffries maintained an Overweight and raised the PT from $600 to $670, indicating a 3.7% upside.
Price Action: ADBE shares traded lower by 3.08% at $626 in the premarket session on the last check Wednesday.

Overview Rating:

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