These Analysts Cut Their Forecasts On Adobe After Q1 Results
Portfolio Pulse from Avi Kapoor
Adobe Inc (NASDAQ:ADBE) reported Q1 results with revenue of $5.18 billion, surpassing estimates, and earnings of $4.48 per share, also above expectations. However, the company provided weaker revenue guidance for Q2, expecting $5.25 to $5.30 billion versus estimates of $5.31 billion. This led to a pre-market share price drop of 11.1% to $507.00. Following these results, analysts from Piper Sandler, JP Morgan, Barclays, and Baird adjusted their price targets on Adobe, generally lowering them.
March 15, 2024 | 12:04 pm
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Adobe Inc reported higher than expected Q1 earnings and revenue but provided weaker Q2 revenue guidance, leading to a pre-market share price drop of 11.1%. Analysts have adjusted their price targets downwards.
Adobe's share price drop is directly related to its weaker than expected revenue guidance for Q2, which has led to negative reactions from analysts and investors alike. The adjustments in price targets by major analysts further indicate a bearish outlook in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100