Why This Adobe Analyst Is Turning Bullish Ahead Of Q3 Earnings
Portfolio Pulse from Priya Nigam
Mizuho Securities analyst Gregg Moskowitz has upgraded Adobe Inc (NASDAQ:ADBE) from Neutral to Buy, raising the price target from $520 to $630. This comes ahead of Adobe's fiscal third-quarter earnings release, with enterprise checks suggesting a healthy performance. Moskowitz expects Adobe to exceed the fiscal third-quarter estimate for net new Digital Media ARR due to an acceleration in web traffic. He also anticipates strong large deal activity in the next quarter and sees GenAI as a significant growth driver for Adobe.
September 08, 2023 | 2:36 pm
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Adobe's stock has been upgraded by Mizuho Securities from Neutral to Buy, with a raised price target of $630. The analyst expects a strong Q3 performance and significant growth driven by GenAI.
The upgrade from Mizuho Securities, along with the raised price target, indicates a positive outlook for Adobe's stock. The expected strong Q3 performance and growth drivers like GenAI further support this positive sentiment. Therefore, the stock is likely to go up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100