5 big analyst picks: Adobe raised to Buy ahead of Q3 earnings
By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Adobe, McDonald’s, First Solar, and Owens Corning , and initiation with Buy rating at Snowflake.
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Adobe Systems (NASDAQ:ADBE) shares rose more than 1% pre-market today after Mizuho Securities upgraded the company to Buy from Neutral and raised its price target to $630.00 from $520.00 ahead of the Q3 results next Thursday.
”Our enterprise checks were generally healthy, and more interestingly indicative of a much better F4QE,” Mizuho mentioned. According to the firm, web traffic has significantly grown, leading to expectations of a rise in Q3 net new Digital Media ARR.
Beyond the quarterly report, the firm believes Adobe is well-positioned to capitalize on digital transformation with its highly comprehensive end-to-end offering. Furthermore, the firm sees signs of improving fundamentals across Digital Media and Digital Experience, along with growing confidence in GenAI as a significant growth driver.
DA Davidson initiated coverage on Snowflake (NYSE:SNOW) with a Buy rating and a $200.00 price target.
Even after cloud optimization efforts that plagued software companies this year, we view Snowflake in an advantageous position, as they maintain best-in-class growth rates and are positioned well as a cloud data company to benefit from increasing demand for artificial intelligence.
The firm also mentioned that while 2023 might be tough for software sales, Snowflake's current growth deceleration seems accounted for in its stock price, and they believe the company's implied guidance for Q4/24 is conservative.
Wells Fargo
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