Benzinga | Dec 17, 2021 05:47AM EST

Analysts Slash Adobe Price Target Post Q4 Results

Analysts slashed price targets on Adobe Inc (NASDAQ:ADBE) as it reported mixed Q4 results and issued an outlook below consensus.

* Piper Sandler analyst Clarke Jeffries maintained an Overweight and lowered the price target from $670 to $630 (11.3% upside).

* Patrick Walravens from JMP Securities maintained a Hold.

* Oppenheimer analyst Brian Schwartz said the Digital Media bookings missed consensus in Q4 and the outlook.

* Schwartz believes it will lead to a downward reset of Adobe's growth and margin trajectory and could weigh on the stock's valuation.

* However, the FY22 outlook "appropriately addresses these concerns, and Adobe's outlook is positive."

* Stifel analyst J. Parker Lane lowered the price target to $700 from $750 (23.7% upside) and reiterated a Buy.

* Though Adobe "closed the year on a strong note," the company's initial FY22 outlook caused shares to trade-off nearly 10% midday.

* Lane blames factors including the impact of foreign exchange rates, the return to a 52-week fiscal year from 53 in FY21, increasing tax rates, and the fact that "Adobe has typically taken a conservative approach to guidance in the past."

* Lane believes the normalized growth outlook across key segments suggests the company continues to see strong demand trends.

* Price Action: ADBE shares traded lower by 0.98% at $560.56 in the premarket session on the last check Friday.