A Bull Market Might Be Starting -- But Is It Time to Buy Adobe Stock Again?

Earlier this year, I made the tough decision to close out my position in Adobe (NASDAQ: ADBE). The stock has been on a tear after a severe slump during the bear market of 2022. Shares have rallied 7% so far in 2023 and are up more than 30% from early-October 2022 lows, though they remain nearly 50% off of all-time highs.The company is a dominant force in creative software and document management, but I believe some challenges lie ahead. Here's why I'm not buying, even as a new bull market might be getting rolling again.Adobe reported total revenue of $4.66 billion in its fiscal 2023 first quarter (ended March 3, 2023). That represented a year-over-year increase of 9% -- or 13% in "constant currency revenue," which excludes the nasty effects of a strong U.S. dollar on international sales.Continue reading
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