Adobe Charts Signal Strength: Analysts See 9.37% Upside Ahead Of Q4 Earnings

Surbhi Jain

December 11, 2024

Adobe Inc (NASDAQ:ADBE) will be reporting its fourth-quarter earnings on Wednesday. Wall Street expects $4.66 in EPS and $5.54 billion in revenues as the company reports after market hours.

The stock is down 12.33% over the past year, up 18.46% over the past six months.

Let’s look at what the charts indicate for Adobe stock and how the stock currently maps against Wall Street estimates.

Read Also: Adobe Q4 Earnings Preview: Analyst Says Investors May Be Missing Healthy Subscriber Growth

Adobe Stock In Strong Bullish Trend Ahead Of Q4 Earnings

Adobe stock is painting a strongly bullish picture on the technical charts.

Chart created using Benzinga Pro

Trading at $548.30, Adobe stock is cruising comfortably above its five-, 20- and 50-day exponential moving averages, reinforcing the uptrend despite a touch of selling pressure. With the eight-day simple moving average (SMA) at $537.93, 20-day SMA at $522.90, 50-day SMA at $506.38 and 200-day SMA at $516.20, all indicators signal a bullish momentum.

The moving average convergence/divergence (MACD) at 11.50 adds to the optimism, while the relative strength index (RSI) at 66.42 suggests Adobe stock is edging closer to overbought territory. If this trend holds, Adobe could keep printing gains in the near term.

Adobe Analysts See Upside

Ratings & Consensus Estimates: The consensus analyst rating on Adobe stock stands at an Outperform currently with a price target of $607.46 a share. The latest analyst ratings from Citigroup, BMO Capital and RBC Capital imply a 9.37% upside for Adobe stock, with an average price target of $600.

ADBE Price Action: Adobe stock was trading up 0.46% at $548.55 a share at the time of publication.

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