Here's What Analysts Have To Say Ahead Of Adobe's Q2 Results

Analysts reserved their concerns over the prospects for Adobe Inc ADBE amid current macro uncertainty ahead of its Q2 results.
RBC Capital analyst Matthew Hedberg maintained Adobe with an Outperform and cut the price target from $600 to $500.
An improved start to the year after a mixed Q4 led to the enhanced sentiment. However, it has now given way to many macro concerns.
Hedberg remained concerned over the durability of customer spending and the resiliency, particularly of digital media, in an unstable environment.
He felt the quarter was likely in line, with maintained guidance being enough to satisfy at current valuation. The PT cut reflects peer-multiple contraction.
BMO Capital analyst Keith Bachman reiterated Adobe with an Outperform and lowered the price target from $535 to $450.
Bachman conducted a survey to assess the health and growth potential of Adobe’s Creative Cloud. The survey included 300 responses from students, freelancers, and professional workers across different-sized organizations.
While the data is not uniformly consistent, Bachman believes the survey suggests a longer-term risk that Creative Cloud growth will gradually slow. Bachman lowered his FY23 assumptions for ARR and Digital Media revenues, leaving the FY22 premises intact.
Citigroup analyst Tyler Radke maintained Adobe with a Neutral and cut the price target from $455 to $425.
Price Action: ADBE shares traded higher by 0.52% at $373.60 on the last check Tuesday.

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