These Analysts Boost Their Forecasts On Adobe Following Upbeat Q2 Results

Adobe Inc. ADBE reported better-than-expected results for its second quarter and issued strong earnings forecast.

Adobe said second-quarter revenue increased 10% year-over-year to $4.82 billion, which beat the consensus estimate of $4.43 billion. The creative software company reported quarterly adjusted earnings of $3.91 per share, which beat estimates of $3.79 per share.

Adobe expects third-quarter revenue to be in the range of $4.83 billion to $4.87 billion versus estimates of $4.86 billion. Third-quarter adjusted earnings are expected to be between $3.95 and $4 per share versus estimates of $3.89 per share

Adobe shares rose 2.4% to close at $490.91 on Thursday, and added 5% in today’s pre-market trading session.

These analysts made changes to their price targets on Adobe following earnings announcement.

• Piper Sandler raised the price target on Adobe from $500 to $572. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• RBC Capital increased the price target on Adobe from $460 to $555. RBC Capital analyst Matthew Hedberg maintained an Outperform rating.
• Wells Fargo boosted Adobe price target from $525 to $600. Wells Fargo analyst Michael Turrin maintained an Overweight rating.
• Morgan Stanley raised the price target from $470 to $510. Morgan Stanley analyst Keith Weiss maintained Adobe with an Equal-Weight.

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