Adobe’s Q2 results ‘reasonable’, says BMO Capital

BMO Capital analyst Keith Bachman keeps an Outperform rating and $450 price target on Adobe (ADBE) after its Q2 earnings, saying the results were “reasonable” and likely better on revenues than on net new annual recurring revenue, ARR, particularly given a tepid economic backdrop. The core Creative Cloud growth has also been improving over the past few quarters, while the stock’s valuation is seen as “undemanding”, the analyst tells investors in a research note.