These Analysts Boost Their Forecasts On Adobe After Upbeat Earnings

Adobe Inc. ADBE posted upbeat results for its second quarter and also issued a strong forecast.

Adobe reported second-quarter revenue of $5.31 billion, beating the consensus estimate of $5.292 billion. The company reported quarterly adjusted earnings of $4.48 per share, beating analyst estimates of $4.39 per share, according to data from Benzinga Pro.

"Adobe achieved record revenue of $5.31 billion driven by strong growth across Creative Cloud, Document Cloud and Experience Cloud," said Shantanu Narayen, chair and CEO of Adobe.

Adobe expects third-quarter revenue to be in the range of $5.33 billion to $5.38 billion versus estimates of $5.03 billion. The company anticipates third-quarter adjusted earnings of $4.50 to $4.55 per share versus estimates of $4.17 per share.

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Adobe also introduced full-year 2024 guidance. The company expects full-year revenue to be between $21.4 billion and $21.5 billion versus estimates of $19.98 billion. Adobe sees full-year adjusted earnings in the range of $18 to $18.20 per share versus estimates of $16.78 per share, according to Benzinga Pro.

Adobe shares fell 0.3% to close at $458.74 on Thursday.

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

• Keybanc increased the price target on Adobe from $445 to $450. Keybanc analyst Jackson Ader maintained an Underweight rating.
• Baird raised Adobe price target from $525 to $545. Baird analyst Rob Oliver maintained a Neutral rating.

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