Selected stock price target news of the day - December 14th, 2023

By: Matthew Otto

Adobe Faces Market Turbulence as 2024 Forecast Disappoints

Adobe’s fiscal fourth quarter results surpassed estimates with adjusted earnings per share at $4.27 against an expected $4.14, and revenue hitting $5.05 billion compared to an anticipated $5.03 billion. Showcased a 12% growth in revenue from the previous year and a 26% surge in net income to $1.48 billion. However, the company projected earnings per share of $17.60 to $18 on $21.3 billion to $21.5 billion in revenue, falling short of analysts’ expectations of $18 in adjusted earnings per share and $21.73 billion in revenue.

Analysts exhibited a mixed response, with 10 out of 12 maintaining a Buy rating on Adobe, while two recommended a Hold. Gil Luria, a software analyst at D.A. Davidson, highlighted Adobe’s strong new business momentum and sustainable margin profile, positioning it to weather macro headwinds. Oppenheimer analysts, led by Brian Schwartz, echoed the sentiment, advising investors to stay the course with Adobe. The consensus among analysts underscores a confidence in Adobe’s long-term business model.

Analysts with Upward Price Revisions Despite Market Volatility

D.A. Davidson analyst Gil Luria raised the price target from $640 to $685.
Oppenheimer analyst Brian Schwartz reiterated the price target of $660.
Baird analyst Rob Oliver increased the price target to $590.
Jefferies analyst Brent Thill raised the price target to $700.
BofA Securities analyst Brad Sills set a $700 price target.
Piper Sandler analyst Brent Bracelin maintained an Overweight rating and raised the price target to $650.

Which Analyst has the best track record to show on ADBE?

Analyst Matthew Hedberg (RBC) currently has the highest performing score on ADBE with 13/13 (100%) price target fulfillment ratio. His price targets carry an average of $65.09 (11.84%) potential upside. Adobe stock price reaches these price targets on average within 152 days.

Etsy Cuts Workforce Due to Demand Slump

Etsy faces a challenging period with a significant reduction in demand for handcrafted goods, prompting the e-commerce platform to announce a workforce reduction. The decision will result in the layoff of 225 employees, constituting about 11% of the company’s total workforce. Alongside this move, Etsy anticipates incurring financial charges ranging between $25 million and $30 million for severance payments, employee benefits, and related costs, as detailed in regulatory filings. Following these adjustments, Etsy’s workforce will see a decline to 1,770 individuals.

Analysts Diverge Outlook as Price Targets and Recommendations Vary

Wedbush analyst Seth Basham maintained a Neutral rating and raised the price target from $60 to $90.
Raymond James analyst Rick Patel reiterated an Outperform rating and increased the price target from $70 to $90.
Needham analyst Anna Andreeva kept a Buy rating and raised the price target from $85 to $95.

Which Analyst has the best track record to show on ETSY?

Analyst Shweta Khajuria (EVERCORE) currently has the highest performing score on ETSY with 7/10 (70%) price target fulfillment ratio. Her price targets carry an average of $43.13 (69.71%) potential upside. Etsy stock price reaches these price targets on average within 167 days.

Tesla’s Seeks Policy Expert Amid Widespread Union Actions

Tesla’s labor dispute in Europe is intensifying as the company seeks to hire a public policy expert for the Nordics region, comprising Norway, Sweden, Denmark, Finland, and Iceland. The company aims to ensure that the political, regulatory, and fiscal environment in the Nordics supports Tesla’s mission, according to the job advertisement. The dispute, which began with Swedish mechanics contesting their collective bargaining rights, has grown, with additional unions joining in sympathy strikes. Dockworkers from Denmark, Norway, Finland, and Sweden are now refusing to unload or transport Tesla cars for Swedish customers, while Swedish postal workers are withholding license plate deliveries. The Swedish Transport Workers’ Union has announced a blockade, further complicating the situation. While Sweden is not a major market for Tesla, the widespread labor actions pose a threat to the company’s European operations.

Analysts Lowered the Price Target for Tesla

Deutsche Bank analyst Emmanuel Rosner lowered the price target to $260 .

Which Analyst has the best track record to show on TSLA?

Analyst Ravi Shanker (MORGAN STANLEY) currently has the highest performing score on TSLA with 32/42 (76.19%) price target fulfillment ratio. His price targets carry an average of $5.54 (9.11%) potential upside. Tesla stock price reaches these price targets on average within 273 days.