Adobe stock has been in a downtrend since hitting all-time highs., announced after the market closed on March 14, significantly contributed to this decline, with shares plunging by 13.67% in the session following the announcement.
The stock greatly benefited from the AI-related investment boom, with the photo software specialist being seen as a significant potential gainer due to the various possible applications of AI in its software.
A good example is Adobe, whose Fair Value was $521 at the beginning of November 2022, when the stock was worth $316, suggesting at the time a 65% upside potential for the stock.But it was precisely in November 2021 that the stock began to turn upwards, giving rise to the powerful uptrend that continued until February 2024, and which we mentioned at the start of this article.
In other words, InvestingPro users were warned not only of the opportunity to buy the stock in November 2022, but also of the need to part with it in February 2024, allowing them to profit from almost the entirety of an uptrend that stretched over a year and a half, and resulted in an advance of over 100%.
However, it should at least encourage investors to keep the Adobe stock on their radar, to identify the bottom of the current downtrend, and then consider positioning themselves for a buy using InvestingPro's Fair Value as a target!
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