“Until the business gets back into beat/raise mode, we expect the shares are likely to remain in a bit of a trading range,” he wrote. Yet much of the guidance miss was due to a stronger dollar and an extra week, not any meaningful slowdown, Materne writes, though he acknowledged that the stock could face some tough times, at least in the near term. After the miss, Evercore analyst Kirk Materne, who rates the stock Outperform, noted that Adobe missed on digital-media annualized recurring revenue, making it easy to argue that it either faced heightened pressure from smaller competitors or that Covid had boosted growth in 20, and was unlikely to do so going forward. The color of the bar is dependent on whether the stocks price moved up. And Adobe isn’t set to report earnings until March 22, so there isn’t much to focus on except the trading-and the fact that an RBC survey showed that it was one of the most popular shorts.Įven the bulls seem rather subdued. The volatility component of the indicator (the squeeze dots) signals potential. Its earnings were disappointing enough to allow doubt to creep in, not good for a stock that still trades at 36.7 times earnings. This is the part where we’d like to point out all of the fundamental reasons why Adobe stock looks like a buy. Together, they could combine to push the stock higher. And Adobe’s relative strength index-a measure of whether a stock is overbought or oversold-fell to 34 early in the week, its most oversold level since 2011. That has served as support for the past nine years, notes Evercore ISI technical analyst Rich Ross. At $520.60 a share, it is sitting near its 100-week moving average of about $500. Now the stock has a chance to arrest its decline. The stock fell 8.5% and has been falling ever since. It reported a profit of $3.20 a share, meeting forecasts, but offered guidance for a first-quarter profit of $3.35, below estimates for $3.38. While the stock had a stellar run after the pandemic-more than doubling off its March 2020 low-shares had already peaked when Adobe released fiscal-fourth-quarter earnings on Dec.
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