- The shares of Adobe Inc (NASDAQ: ADBE) have received a price target increase from $580 to $665. These are the details.
The shares of Adobe Inc (NASDAQ: ADBE) have received a price target increase from $580 to $665. And Goldman Sachs analyst Kash Rangan is reiterating a “Buy” rating on the company shares.
Rangan said that Adobe’s stock is poised to break out into new highs after a strong quarter in May. And the net new annual recurring revenue (the key driver) came in at $518 million compared to a consensus of $450 million, thus validating the view that the pandemic has not driven an unusual pull-in of demand.
Goldman Sachs is not the only major brokerage to recently increase the price target of Adobe. JPMorgan increased the price target of Adobe from $595 to $660. JPMorgan analyst Sterling Auty is also maintaining an “Overweight” rating on the company shares. Auty said that all areas of revenue provided an upside of the second quarter, but it continues to be the strength of the Creative Cloud that keeps surprising at unexpected levels given its scale.
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