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Adobe Stock Gets Price-Target Hike But Seen As Fairly Valued

Digital media software firm Adobe Systems ( ADBE ) received a price-target hike Thursday from Credit Suisse, though the investment bank sees the stock as fairly valued at current levels. Credit Suisse analyst Michael Nemeroff gave Adobe a neutral rating and price target of 105, up from 85. Adobe stock was up a fraction near 96.50 in afternoon trading on the stock market today . The provider of cloud-based media and marketing software hit a record high of 98 on March 18. It sports a good IBD Relative Strength Rating of 84, putting it among the top 16% of all stocks in performance the past 12 months. IBD Take: Is Adobe a buy, hold or sell right now? Take a free trial of IBD Leaderboard to find out Adobe’s stock appreciation reflects its positive financial momentum and the benefits of its successful business model transition to the Internet cloud, Nemeroff said in a research note. Adobe’s “premium valuation is already pricing in much of the good news, and (we) see a lack of near-term catalysts that would justify further multiple expansion above current levels,” he said in a report. Adobe has multiple growth drivers, Nemeroff said. They include its growing Creative Cloud and Marketing Cloud businesses, he said. Image provided by Shutterstock . RELATED: Adobe Systems Transition Earns Price-Target Hike From FBR Adobe Driving Third Wave Of Enterprise Software Disruption .

Tesla Tallies 400,000 Model 3 Car Orders Ahead Of Earnings Report

Tesla Motors ( TSLA ) has almost crossed the 400,000 mark in orders for its new Model 3 sedan, CEO Elon Musk told reporters at a press conference in Norway, as detailed in a  Reuters report  Thursday. “We are now almost at 400,000 orders for the model 3,” Musk said was quoted as saying, adding that the demand for the entry-luxury all-electric vehicle “surprised even us.” The reservations bring in $400 million in capital for the California carmaker, which has to expand its production dramatically to be on target with an expected delivery schedule that starts in late 2017. At an average expected price of $42,000, the amount of preorders could result in $16.8 billion if everyone goes through with a purchase. Tesla said late Wednesday that it will post its first-quarter earnings after the stock market close on Wednesday May 4. Analysts polled by Thomson Reuters expect on average a loss of 57 cents a share, deepened from a 36-cent loss in the year-earlier quarter, as Tesla tools up its factory. They expect revenue of $1.61 billion, up 45%. Two weeks ago on April 7, Tesla said  Model 3 preorders had topped 325,000 in their first week of availability. The $1,000 fully refundable reservations had reached 115,000 in their first day before the design of the Model 3 was revealed at a launch party at Tesla’s Los Angeles design studio on the night of March 31. In other electric car news, Handlesblatt reported  Thursday, citing industry sources, that German carmakers Daimler ( DDAIF ) and BMW ( BAMXY ) have ended talks with Apple ( AAPL ) about working together on an electric car. Apple is looking for an automaker with manufacturing expertise, the report said, for what is believed to be an all-electric vehicle with some self-driving capabilities. BMW talks ended last year, the German newspaper reported, while the Daimler talks ended more recently. Tesla stock was down 0.5% in early afternoon trading the stock market today , near 249. Tesla shares have been consolidating around their 10-day line after running up 91% from a Feb. 9 low to an April 7 peak of 269.34. Apple was down 1.3%, after undercutting its 200-day moving average last Friday. Apple, which reports earnings next Tuesday, holds an IBD Composite Rating of 58 out of a possible 99, and Tesla has a 55. Loading the player…

Citrix Hits 16-Year High On Strong Q1 Pace; Price Targets Hiked

After Citrix Systems ( CTXS ) beat Wall Street’s Q1 forecast — and raised its full-year outlook — investors sent Citrix stock flying as much 12% higher Thursday to 90, a 16-year high. RBC Capital and Needham analysts hiked their price targets, though neither upgraded their ratings. Citrix stock eased but was still up nearly 5%, near 84, in early afternoon trading in the stock market today . After Wednesday’s close, the enterprise software developer, specializing in desktop virtualization, said Q1 adjusted earnings rose 81% to $1.18 per share, where analysts polled by Thomson Reuters expected 92 cents. Revenue rose  8.5% to $826 million, well beyond analysts’ $789 million consensus. With its 93 IBD Composite Rating, Citrix is the highest-ranked issue in IBD’s Computer Software-Specialty Enterprise industry group. Shares of the largest company in the group by market value, VMware ( VMW ), were down a fraction. Thursday morning, Citrix and CA ( CA ) traded places, with Citrix now No. 2, with a $12.9 billion market cap, vs. CA’s $12.8 billion. CA stock was up more than 1% Thursday afternoon. Analysts Thursday were impressed with gains so early in Citrix’ reorganization process that included laying off 1,000 employees and contractors in December and January. But they’re waiting for Citrix to fully execute, most significantly waiting for Citrix to spin off its GoToMeeting line into a freestanding, publicly traded company before year-end. “The ongoing restructuring at CTXS … (including) headcount reductions and product card rationalization, many expected these disruptions to impact top-line growth,” said Needham analyst Scott Zeller in a Thursday research note. He hiked his price target on Citrix stock to 96 from 90. RBC analyst Matthew Hedberg raised his price target from 80 to 90. He said that Q1 license revenue grew the most in 11 quarters, and total revenue growth was the best in eight. “Another solid quarter, as outperformance has been marked over the last three quarters thanks to the operational initiatives introduced last year and the focus on the core strategy of the secure delivery of apps and data,” he said in a Thursday research note. Citrix said it may file a Form 10 registration statement with the Securities and Exchange Commission for the GoTo spinoff before the end of Q2.