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Adobe Stock Plummets on Disappointing Guidance
ADBEAdobe(ADBE) Schaeffers Investment Research·2024-12-12 16:08

Shares of Adobe Inc (NASDAQ:ADBE) are down 12.8% at 479.45atlastglance,afterthesoftwarename′sdisappointingfull−yearandfiscalfirst−quarterforecasts,despitebetter−than−expectedfiscalfourth−quarterearningsandrevenue.Inresponse,TDCowendowngradedthestockto"hold"from"buy"andlowereditspricetargetto479.45 at last glance, after the software name's disappointing full-year and fiscal first-quarter forecasts, despite better-than-expected fiscal fourth-quarter earnings and revenue. In response, TD Cowen downgraded the stock to "hold" from "buy" and lowered its price target to 550 from $625, while a flood of other analysts slashed their price objectives as well. Today's bear gap has ADBE headed for its worst single-day percentage loss since its March ear ...