Adobe reported ‘very good’ Q3 results, says Mizuho

Mizuho says Adobe reported a “very good” fiscal Q3 report as net new Digital Media annual recurring revenue of $464M was better than expected. However, it has also become clear that the bar into the print was even higher than most investors seemed to realize, the analyst tells investors in a research note. The firm believes Adobe remains very well positioned to benefit from digital transformation and keeps a Buy rating on the shares with a $630 price target.