Benzinga | Sep 22, 2021 06:04AM EDT

Why Jefferies Sees 18% Upside In Adobe?

* Jefferies analyst Brent Thill raised the price target on Adobe Inc (NASDAQ:ADBE) to $760 from $750, implying a 17.7% upside, and reiterated a Buy, post Q3 results.

* Adobe reported a "solid beat" for Q3, though with a smaller upside than in the first half and smaller than what investors expected after the "robust" Q2 results, Thill noted.

* The management explained that Q3 seasonality was as expected and as guided last quarter.

* Thill kept Adobe as a top-four large-cap software pick.

* Piper Sandler analyst Clarke Jeffries maintained an Overweight and raised the PT from $600 to $670, indicating a 3.7% upside.

* Price Action: ADBE shares traded lower by 3.08% at $626 in the premarket session on the last check Wednesday.