Brent Thill, an analyst from Jefferies, maintained the Buy rating on Adobe (ADBE – Research Report). The associated price target is $700.00.
Brent Thill has given his Buy rating due to a combination of factors that include Adobe’s strong summit attendance and the palpable excitement surrounding its artificial intelligence (AI) initiatives. While significant monetization of AI is not expected until late 2024 to 2025, the current sentiment among investors remains cautious as they anticipate a more robust revenue growth trajectory that parallels the enthusiasm for Adobe’s AI developments.
Moreover, Thill finds the valuation of Adobe’s stock particularly compelling, as it is currently trading at an attractive discount relative to its 10-year average and compared to its large-cap software peers. This presents a favorable entry point for investors, considering the potential growth Adobe could experience once its AI technology begins to significantly contribute to the company’s financial performance.
In another report released today, Barclays also maintained a Buy rating on the stock with a $630.00 price target.
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Adobe (ADBE) Company Description:
Adobe, Inc. provides digital marketing and media solutions, with it operating through the following segments: Digital Media, Digital Experience, and Publishing. Its products and services include Adobe Photoshop, Adobe Illustrator, Adobe Acrobat, analytics solutions, digital experience management, products for eLearning solutions, technical document publishing, web application development, and high-end printing. The company was founded by Charles M. Geschke and John E. Warnock in December 1982 and is headquartered in San Jose, CA.
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