Adobe’s (NASDAQ:ADBE) Digital Experience Revenue has grown from around $2.80 billion in 2019 to $3.13 billion in 2020. Trefis expects the metric to rise to about $3.7 billion in 2021 and to around $4.2 billion in 2022.
We expect growth to be driven by higher spending on analytics-based marketing, advertising, and commerce solutions.
We think the projected growth is largely priced into Adobe stock. We value ADBE at about $656 per share, roughly in line with the current market price.
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|S&P 500 Return||-1%||22%||104%|
|Trefis MS Portfolio Return||-4%||45%||294%|
 Month-to-date and year-to-date as of 12/1/2021
 Cumulative total returns since 2017