- The shares of Adobe Inc (NASDAQ: ADBE) have received a price target of $600 from Piper Sandler. These are the details.
The shares of Adobe Inc (NASDAQ: ADBE) have received a price target of $600 from Piper Sandler. And Piper Sandler analyst Brent Bracelin reduced the price target from $630 while maintaining an “Overweight” rating on the shares.
Bracelin noted that cloud stocks have plunged by 26% since November 1 on a valuation reset sparked by a rotation, rising interest rates, supply-chain disruptions, and omicron. And Bracelin pointed out that the cloud correction appears decoupled from demand fundamentals that remain robust.
Plus Bracelin explained that Piper’s CIO Survey showed 86%-88% are planning to invest more in cloud applications and infrastructure in 2022. And few technology sectors are this large at $290 billion growing at 35% year-over-year with cloud penetration still low at 15%.
Going forward, Bracelin recommends large-cap investors move up the quality ladder and buy the highest quality growth stocks best poised to sustain high growth.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.