This Artificial Intelligence (AI) Stock Is Down 15% in 2024, But Should You Buy It?
(NASDAQ: ADBE) investors were quick to press the panic button after the company released fiscal 2024 first-quarter results (for the quarter ending March 1, 2024) on March 14, as the company's guidance failed to match Wall Street's expectations.
Shares of the company were down 14% in a single session following the report, bringing an end to its rally, which has been fueled by optimism around its artificial intelligence (AI)-focused products. In all, Adobe stock has lost 15% of its value in 2024 as of this writing.
Let's take a closer look at Adobe's quarterly report and check if its recent pullback is an opportunity to buy a potential AI winner.
Source Fool.com
Adobe Inc. Stock
With 76 Buy predictions and 2 Sell predictions Adobe Inc. is one of the favorites of our community.
As a result the target price of 579 € shows a slightly positive potential of 8.53% compared to the current price of 533.5 € for Adobe Inc..