BMO Capital Believes Adobe (NASDAQ: ADBE) Won’t Stop Here

By Ryan Adsit

BMO Capital analyst Keith Bachman reiterated a Buy rating on Adobe (NASDAQ: ADBE) yesterday and set a price target of $160. The company’s shares closed yesterday at $142.63, close to its 52-week high of $144.34.

According to TipRanks.com, Bachman is a 5-star analyst with an average return of 12.9% and a 68.3% success rate. Bachman covers the Technology sector, focusing on stocks such as Brocade Communication Systems Inc, Hewlett Packard Enterprise, and Electronics for Imaging.

Currently, the analyst consensus on Adobe is Strong Buy and the average price target is $146.14, representing a 2.5% upside.

In a report issued on May 25, RBC Capital also reiterated a Buy rating on the stock with a $157 price target.

Based on Adobe’s latest earnings report for the quarter ending February 28, the company posted quarterly revenue of $1.66 billion and quarterly net profit of $398 million. In comparison, last year the company earned revenue of $1.4 billion and had a net profit of $244 million.

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Adobe Systems, Inc. engages in the provision of digital marketing and digital media solutions. It operates through the following segments: Digital Media, Digital Marketing, and Print and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat. The Digital Marketing segment offers solutions, including analytics, social marketing, targeting, media optimization, digital experience management, and cross-channel campaign management, as well as premium video delivery and monetization. The Print and Publishing segment offers legacy products and services 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.