Adobe Gets Price Target Bumps By Analysts After Upbeat Earnings, Shares Surge

Adobe Inc. ADBE reported better-than-expected earnings for its fourth quarter.

Adobe said quarterly revenue increased 10% year-over-year to $4.53 billion, which was in line with analyst’ estimates. The company’s earnings came in at $3.60 per share, which beat market estimates of $3.50 per share.

Adobe said it sees full-year 2023 revenue in a range of $19.1 billion to $19.3 billion versus estimates of $19.37 billion. The company also projects full-year adjusted earnings to be between $15.15 and $15.45 per share versus estimates of $15.25 per share.

Adobe shares jumped 6.1% to trade at $348.80 on Friday.

These analysts made changes to their price targets on Adobe after the company released quarterly results.

• Piper Sandler raised the price target on Adobe from $345 to $380. Piper Sandler analyst Brent Bracelin maintained an Overweight rating on the stock.
• Deutsche Bank boosted the price target from $400 to $430. Deutsche Bank analyst Brad Zelnick maintained the stock with a Buy.
• BMO Capital raised the price target on the stock from $332 to $390. BMO Capital analyst Keith Bachman maintained the stock with a Market Perform.
• Morgan Stanley raised the price target on Adobe from $337 to $382. Morgan Stanley analyst Keith Weiss maintained the stock with an Equal-Weight.
• Mizuho increased the price target on Adobe from $360 to $370. Mizuho analyst Gregg Moskowitz maintained the stock with a Neutral.