Adobe Reports Q2 Results
Jun 18, 2024
Adobe reported its second quarter results recently. Revenue was up over 10% in total, with all 3 of its units (Digital Media, Creative, and Document Cloud) growing in double digits. The firm slightly raised its revenue targets for 2024. The only ding I see are seasonally weak cash flows, with trailing 12 month margins in the low 30's vs. my expectation of closer to 40%. Modeling for this, I'm dropping the fair value price a touch from $595 to $579. The stock still looks reasonably attractive here.
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Watch List
| VTEX | -14.29% |
| S | 8.93% |
| CRWD | 70.81% |
| SEMR | 8.00% |
| SNOW | 18.60% |
| SE | 55.51% |
vs. Fair Value Estimates
Buy List
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| PAYC | -27.87% |
| HRMY | -42.57% |
| YOU | -46.86% |
| MELI | -25.58% |
| ADBE | -33.64% |
vs. Fair Value Estimates
Hold List
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| MSFT | -22.56% |
| ODD | -21.97% |
| FLYW | 4.05% |
| CELH | -14.91% |
| TOST | 32.91% |
| CPNG | -6.13% |
| HIMS | -0.54% |
| MNDY | 15.26% |
| GLBE | 19.36% |
| ZS | 18.72% |
| V | -11.46% |
| ADSK | 9.16% |
| NOW | 48.20% |
| ABNB | -19.09% |
| FTNT | 1.32% |
| TEAM | 12.66% |
vs. Fair Value Estimates