ADBE → $420.00 by Jun 10, 2032.

\~400 million shares outstanding. $25b buyback program through 2030. Scenario A: With the (current 201) premarket price: $25b / $201 - 119 million shares. 30% of the float. but assuming 201 is silly. Scenario B: Assume average cost for buybacks rises to $300. $25b / $300 = \~83 million shares. 21% of the float. Assume current net income $9.7b grows 8% per year (they reported 13% yesterday during earnings). That's $13b by 2030. In Scenario A, $13b / \~280 million …