(CercleFinance.com) – Jefferies reaffirms its ‘buy’ recommendation on Adobe and raises its price target from 660 to 700 dollars, the day after a quarterly publication marking, according to it, ‘the usual conservative start to a new financial year’.
“The 2024 targets disappointed high expectations, sending the stock down 5% after the close, but Adobe has a history of conservative ARR (annualized recurring revenue) targets,” the broker notes.
Noting that these initial targets have been consistently beaten in recent financial years, Jefferies believes the same should be true in 2024, highlighting many favorable factors related to the adoption of Firefly generative AI.
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