Will Adobe Be Worth More Than Apple by 2030?
's (NASDAQ: ADBE) stock price soared nearly 15% on June 14 after the cloud software giant posted its latest earnings report. For the second quarter of fiscal 2024, which ended on May 31, its revenue increased 10% year over year to $5.31 billion and exceeded analysts' expectations by $20 million. Its adjusted earnings grew 15% to $4.48 per share and cleared the consensus forecast by $0.09.
That earnings beat allayed some bearish concerns regarding Adobe's macro, competitive, and regulatory challenges, but its stock remains down about 12% for the year. Its new artificial intelligence (AI) tools also failed to impress bulls or significantly boost its revenue, and it was left out in the cold as other AI-oriented stocks rallied.
Image source: Getty Images.
Source Fool.com
Adobe Inc. Stock
With 59 Buy predictions and 2 Sell predictions Adobe Inc. is one of the favorites of our community.
As a result the target price of 588 € shows a slightly positive potential of 17.65% compared to the current price of 499.8 € for Adobe Inc..
