This Artificial Intelligence (AI) Stock Is Down 15% in 2024, But Should You Buy It?
(NASDAQ: ADBE) investors were quick to press the panic button after the company released fiscal 2024 first-quarter results (for the quarter ending March 1, 2024) on March 14, as the company's guidance failed to match Wall Street's expectations.
Shares of the company were down 14% in a single session following the report, bringing an end to its rally, which has been fueled by optimism around its artificial intelligence (AI)-focused products. In all, Adobe stock has lost 15% of its value in 2024 as of this writing.
Let's take a closer look at Adobe's quarterly report and check if its recent pullback is an opportunity to buy a potential AI winner.
Source Fool.com
Adobe Inc. Stock
€454.15
-0.680%
The stock is one of the favorites of our community with 45 Buy predictions and 2 Sell predictions.
With a target price of 590 € there is a positive potential of 29.91% for Adobe Inc. compared to the current price of 454.15 €.
