On September 14, Adobe rose 3.28% in regular trading, trading at approximately $260.17 per share, with turnover of $267 million. The rally was driven by the company's stronger-than-expected fiscal Q3 results and a wave of analyst price target upgrades.
Adobe reported fiscal Q3 revenue of $6.76 billion, up 13% year-over-year and above the consensus estimate of $6.693 billion. Adjusted EPS came in at $6.13, beating the $6.09 estimate. The company simultaneously raised full-year revenue guidance to $26.576B-$26.626B and EPS guidance to $24.45-$24.50, both above prior ranges. Monthly active users surpassed 1 billion for the first time, while AI-related annual recurring revenue surged 150% year-over-year to $650 million.
Following the results, multiple institutions adjusted price targets: RBC maintained its outperform rating with a $315 target, Piper Sandler raised to $250, Stifel to $225, Mizuho to $260, and Goldman Sachs to $200. The average analyst price target stands at approximately $266.57 with a consensus hold rating.
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