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'More Difficult Environment' Forces Bullish Analyst To Jump Ship On $180 Billion Tech Giant

·1 min read
  • Mizuho analyst Gregg Moskowitz downgraded Adobe Inc (NASDAQ: ADBEto Neutral from Buy, and cut his Q4, FY23 estimates with a price target of $440, down from $480, ahead of the company's fiscal third-quarter results.

  • Channel checks this quarter indicated a more complex environment than expected, even allowing for a challenging macro.

  • While Moskowitz believes ADBE guided conservatively enough for 3Q, he wouldn't be surprised by a guide down for 4Q.

  • The analyst also believes that Street revenue and EPS estimates for FY23 look too high.

  • In Moskowitz's view, ADBE remains well-positioned to benefit from digital transformation with its highly comprehensive end-to-end offering.

  • However, he also believes the shares could be range-bound over the near- to medium-term.

  • Earlier analysts acknowledged Adobe's significant execution risks as it cut its full-year guidance.

  • Price Action: ADBE shares traded lower by 0.41% at $393.19 on the last check Monday.

Latest Ratings for ADBE

Date

Firm

Action

From

To

Mar 2022

Mizuho

Maintains

Buy

Jan 2022

Deutsche Bank

Maintains

Buy

Jan 2022

UBS

Downgrades

Buy

Neutral

View More Analyst Ratings for ADBE

View the Latest Analyst Ratings

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