Pivotal Research Sticks to Its Hold Rating for Adobe (ADBE)

In a report issued on September 21, Brian Wieser from Pivotal Research reiterated a Hold rating on Adobe (NASDAQ: ADBE), with a price target of $254. The company’s shares closed on Friday at $260.88, close to its 52-week high of $277.61.

According to TipRanks.com, Wieser is a 5-star analyst with an average return of 11.7% and a 77.0% success rate. Wieser covers the Services sector, focusing on stocks such as Interpublic Group of Companies, Nielsen Holdings, and 21st Century Fox.

Currently, the analyst consensus on Adobe is a Moderate Buy with an average price target of $291.48, representing an 11.7% upside. In a report issued on September 11, Goldman Sachs also reiterated a Hold rating on the stock with a $260 price target.

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Based on Adobe’s latest earnings release for the quarter ending August 31, the company reported a quarterly net profit of $666 million. In comparison, last year the company had a net profit of $420 million.

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