This story was originally published here.
The last time I spoke about Adobe (NASDAQ:ADBE), I said, “ADBE stock is still a buy opportunity that could fetch up to $450 a share by the close of 2020.”
That was on Feb. 25, as Adobe traded around $356 a share.
Nowadays, the ADBE stock is up to $475, where it’s again a solid “blood in the street” opportunity. After pulling back in recent days on tech weakness, the ADBE stock caught support at its 50-day moving average, where it’s now oversold.
From here, I’d like to see the ADBE stock revisit its recent high of $536.88.
A Closer Look at ADBE Stock
Over the last few weeks, shares of Adobe have rocketed on strong earnings results from other cloud software companies like Salesforce (NYSE:CRM).
“Salesforce’s total second quarter revenue was $5.15 billion, an increase of 29% year-over-year. Subscription and support revenues for the quarter came in at $4.84 billion, an increase of 29% year-over-year. Professional services and other revenues for the quarter were $0.31 billion, an increase of 23% year-over-year,” according to the company.
As we near Adobe’s earnings report on Sept. 15, there’s hope of solid earnings just like that…
Editor's Note: Click here to keep reading.
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