In a report released yesterday, Brad Zelnick from Credit Suisse assigned a Buy rating to Adobe (NASDAQ: ADBE), with a price target of $250. The company’s shares closed yesterday at $238.10, close to its 52-week high of $243.34.
Zelnick observed:
“We see commerce as a natural and inevitable extension of ADBE’s existing Digital Experience portfolio. Reiterate Outperform.”
According to TipRanks.com, Zelnick is a 4-star analyst with an average return of 10.2% and a 63.0% success rate. Zelnick covers the Technology sector, focusing on stocks such as Cornerstone Ondemand, Ultimate Software, and Everbridge Inc.
Currently, the analyst consensus on Adobe is Strong Buy and the average price target is $250.06, representing a 5.0% upside.
In a report released yesterday, KeyBanc also assigned a Buy rating to the stock with a $252 price target.
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Based on Adobe’s latest earnings release for the quarter ending February 28, the company reported a quarterly net profit of $583 million. In comparison, last year the company had a net profit of $398 million.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock.
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