CNBC’s Jim Cramer sees a difficult setup for Adobe (ADBE) into the software maker’s earnings report, due to mounting optimism and impressive 2023 stock gains.
Shares of Adobe entered Tuesday's session up 11.5% since the Aug. 18 close, and now two Wall Street firms — BMO Capital Markets and Wells Fargo — hiked their price targets on Adobe stock, implying further upside ahead. Adobe is set to report fiscal 2023 third-quarter earnings after the market close Thursday.
"These are these kind of setups, I just want to warn people: There won't be any wiggle room at all. If Adobe doesn't [throw] it right down the middle, it will be called a ball, and people will sell," Cramer said, using a baseball metaphor."I think if you don't own Adobe by now, you might just want to wait."
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