stock to watch

Stock to Watch: Adobe Systems Inc. Sets Up For Sell (NASD: ADBE)

stock to watch

Adobe ended September 10 at a two-month low, losing more than 11.5% from its July 52-week high. On September 17, after the market closes, the company will report for the past quarter. The market expects revenue to increase by 22.7% (YoY) to USD 2.81 billion, with earnings per share up by 13.9% (YoY) to USD 1.97.

Over the last week, Adobe shares showed a decline in value by 2.23% S&P500 went up by 2.52% within the same period.

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Support and resistance

The company’s shares started to decline after the prolonged consolidation. Currently, the emitter is testing the support level of 273.00. 281.00 is a “mirror” resistance level. The instrument has the potential to further correction.

Indicators don’t give a clear signal: MA(50) has crossed MA(200), and MACD histogram started to go down. Positions are to be opened from key levels.

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Comparing the company’s multiplier with its competitors in the industry, we can say that #ADBE shares are neutral.

Support levels: 273.00, 267.00, 258.50.

Resistance levels: 281.00, 290.00, 300.00.

Trading tips

If the price consolidates below the support level of 273.00, the company’s shares may decline. Potential profits should be locked in by orders at 266.00, 260.00, and 254.00. Stop loss – 280.00.

If the price consolidates above 281.00, one may consider buying #ADBE. The moving potential is aimed at the area of 295.00–300.00. Stop loss – 274.00.

Implementation period: 3 days.

Jun-19-19UpgradeStephensEqual-Weight → Overweight$288 → $327
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Jun-19-19ReiteratedBMO Capital MarketsOutperform$300 → $315
Apr-29-19UpgradeMorgan StanleyEqual-Weight → Overweight$282 → $340
Mar-15-19ReiteratedCanaccord GenuityBuy$290 → $300
Mar-15-19DowngradeKeyBanc Capital MarketsOverweight → Sector Weight
Feb-15-19DowngradeCowenOutperform → Market Perform$280
Jan-17-19InitiatedStephensEqual-Weight
Jan-09-19InitiatedAtlantic EquitiesNeutral$250
Jan-07-19UpgradePivotal Research GroupHold → Buy$262
Dec-14-18ReiteratedPivotal Research GroupHold$254 → $252
Dec-14-18ReiteratedBMO Capital MarketsOutperform$295 → $300
Oct-19-18InitiatedWedbushNeutral$270
Sep-14-18ReiteratedStifelBuy$275 → $325
Sep-14-18ReiteratedPivotal Research GroupHold$235 → $254
Sep-14-18ReiteratedGriffin SecuritiesBuy$278 → $296
Sep-14-18ReiteratedBMO Capital MarketsOutperform$278 → $295
Aug-08-18ResumedGuggenheimNeutral
Jun-15-18ReiteratedStifelBuy$250 → $275
Jun-15-18ReiteratedCanaccord GenuityBuy$245 → $280

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