In a report suggesting that valuations are stretched, JPMorgan analysts downgraded Adobe, Datadog, Cloudflare, Zscaler and other software stocks.
predicts the central bank will raise rates three times in each of the next two years, starting in June 2022.
"With rates climbing, this adds risk to higher multiple software stocks trading over 20x revenue," the JPMorgan analysts wrote.Adobe is trading at 21 times revenue, according to FactSet. Prior to Tuesday's 6.6% drop, Adobe shares were up 31% this year, topping the 20% gain in the S&P 500. That rally pushed the stock to $658.30, just shy of JPMorgan's $680 price target, leading the firm to reduce its rating to neutral from buy.
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