Benzinga | Sep 22, 2021 11:15AM EDT

Wall Street Remains Divided On Adobe Post Q3 Beat

* Adobe Inc's (NASDAQ:ADBE) Q3 results saw a mixed response from Wall Street as the analysts remained cautious over the annual recurring revenue prospects. The analysts reiterated their ratings, and their price targets implied upside between 3.7% - 18.4%, based on the last closing price of $645.89.

* Goldman Sachs analyst Kash Rangan raised the PT to $765 from $735, suggesting an 18.4% upside, and reiterated a Buy.

* Rangan remained bullish, saying early summer seasonality amid vaccine effectiveness led to the smaller magnitude of the beat and did not diminish the prospects for upside in Q4.

* Stifel analyst J. Parker Lane raised the PT to $750 from $725, indicating a 16.1% upside, and affirmed a Buy.

* BMO Capital analyst Keith Bachman lowered the PT to $720 from $730, suggesting an 11.5% upside, but affirmed an Outperform.

* Piper Sandler analyst Brent Bracelin raised the PT to $670 from $600, implying a 3.7% upside, and maintained an Overweight.

* The Q3 results were good but not as great as Q2, as per Bracelin.

* Citi analyst Tyler Radke raised the PT to $678 from $575, indicating a 4.97% upside, and affirmed a Neutral.

* UBS analyst Karl Keirstead raised the PT to $690 from $625, implying a 6.8% upside, and maintained a Buy.

* Oppenheimer analyst Brian Schwartz raised the PT to $680 from $600, suggesting a 5.3% upside, and reiterated an Outperform.

* JPMorgan analyst Sterling Auty raised the PT to $680 from $660 and reiterated an Overweight.

* Price Action: ADBE shares traded lower by 2.81% at $627.51 on the last check Wednesday.