Not all businesses do well in inflation. But there are some companies with essential products and services that remain in demand and that know they can afford to increase prices without losing too many customers. Three businesses are doing so well that management for each felt comfortable enough to recently raise guidance for the year. They are Adobe (ADBE -0.17%)Tapestry (TPR 0.27%), and Cardinal Health (CAH 1.47%).

Here's why you should consider buying these three stocks today.

1. Adobe

Software company Adobe released its latest earnings numbers earlier this month, which came in better than expected. The company, known for its popular photo-editing program, Adobe Photoshop, reported revenue of $4.66 billion for the period ending March 3, which came in slightly better than analyst expectations of $4.62 billion. Its adjusted earnings per share totaled $3.80 was also higher than projections of $3.68.

On a year-over-year basis, the top line was up over 9%. Adobe generates an incredible 94% of revenue from subscriptions for its various software products, and that gives it a degree of insulation from the current market conditions. Since the software is essential for many marketing and advertising professionals, these are essential subscriptions for the company's target market.

Adobe slightly upgraded its guidance for adjusted earnings per share (EPS) for the current fiscal year (it ends in November), projecting it to come in between $15.30 and $15.60, up from an earlier forecast of $15.15 to $15.45. Although it's not a huge increase, it does suggest that there is reason for optimism in the current market.

Trading at 35 times earnings, the stock isn't a bargain, but it's definitely cheap when compared to where its valuation has been in the past:

ADBE PE Ratio Chart.

ADBE PE Ratio data by YCharts.

Adobe has a strong portfolio of products and can make for a good long-term buy. The only thing I didn't like about the stock in the past was its high valuation. But with that coming down to a more reasonable level, it can be an excellent buy right now.

2. Tapestry

Tapestry makes high-end handbags and apparel that appeal to an affluent customer base; its Coach purses can retail for an average of $300 or more. That's the type of customer who may be less impacted by prices in the current inflationary environment, and the results do seem to suggest that.

On Tapestry's most recent earnings report, sales of just over $2 billion (for the period ended Dec. 31, 2022) were down 5%. But when factoring out the impact of foreign exchange, then the decline is just 2%. And the company notes that it is seeing "meaningful sequential improvement" in Greater China for the current quarter. With a more favorable outlook, the company anticipates that for fiscal 2023 (its year ends in June), earnings per share will be within a range of $3.70 and $3.75 -- previously, Tapestry's management was projecting EPS between $3.60 and $3.70.

Trading at 12 times earnings, Tapestry is a much cheaper stock than Adobe. And given the company's resiliency thus far and more growth likely ahead with a stronger Chinese market, this can be an underrated stock to buy right now.

3. Cardinal Health

Cardinal Health is a massive healthcare company that helps deliver products across the U.S. to nearly 90% of hospitals and 60,000 pharmacies. It also has 3.4 million patients who also rely on its home healthcare products. The healthcare distributor is another example of the type of business that can do well amid inflation; demand for pharmaceuticals and healthcare products is essential regardless of economic conditions.

In February, the company reported impressive revenue growth of 13% as sales for the last three months of 2022 totaled $51.5 billion. The company's pharmaceutical segment delivered better-than-expected results, enabling management to raise its expectations for the overall business.

Cardinal Health expects that for fiscal 2023 (which goes up until the end of June) that its adjusted EPS will come in between $5.20 and $5.50, which is higher than its previous forecasted range of $5.05 and $5.40. A big part of the upgrade is that the company expects its pharmaceutical segment to increase its profitability by between 4% and 6.5% this year, up from the 2% to 5% growth it was previously expecting.

While the company didn't upgrade any expectations for its medical segment, it said that the results were "in line with our prior commentary." The medical business incurred a goodwill impairment charge of $709 million for the quarter, and so it would have been surprising for the company to raise guidance in that segment in light of that sizable write-down.

But with strong overall growth and management more optimistic on the remainder of the year, Cardinal Health is another stock that investors may want to buy for some safety. It has incurred a loss over the past four quarters, but when based on future earnings (which come from analyst expectations), the stock isn't terribly expensive, trading at a multiple of 11. And over the past year, this has been a safe stock for investors with its share price climbing 24%.