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Adobe (ADBE) +2.58% on Q2 beats, analyst price target upgrades
Computer software company Adobe (ADBE) closed 2.58% higher on Friday after analysts praised a “very positive” Q2 report that included earnings and revenue beats.
Before the start of the final session of the week, Adobe posted $3.03 earnings per share and $3.84bn revenue versus the $2.81 and $3.73bn Wall Street consensus.
Revenue jumped 23% from a year ago as Adobe’s products thrived across a range of different markets and customer segments.
Adobe’s CFO John Murphy noted: “Adobe delivered strong Digital Media annualized recurring revenue and Digital Experience bookings, as well as record cash flows from operations in Q2.”
The San Jose-based company has now guided for $3.88bn revenues and $3 earnings per share for fiscal Q3, which is better than the $3.83bn and $2.89 estimates from analysts.
Reaction to Adobe’s latest report was positive, with RBC Capital Markets among those to raise their price targets.
Analyst Matthew Hedberg, who added $75 to a new $650 price target, believes that Adobe can benefit from the digital transformation trend for a long while yet.
BMO Capital Markets’ Keith Bachman said that new recurring revenue is increasing “meaningfully” as he went from $585 to $630 and reiterated an outperform rating.
Morgan Stanley hiked its price target to $610 after stating that the report was a testament to Adobe’s leading position in its “growth at a reasonable price” list for software stocks.
Adobe is on a roll this year as it posted a 26% rise in revenue ($3.91bn) in Q1 back in March alongside earnings beats.
ADBE traded up all day on Friday and eventually finished 2.58% higher at $565.59.
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