Photo editing software provider Adobe (NASDAQ:ADBE) announced on Tuesday an upgrade to its artificial intelligence model, Firefly, at its annual user conference in Los Angeles. The company said the new edition of the AI model produces higher qualities and new media types. As a result, shares rose at the time of writing.
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With the new update, Adobe boasted that Firefly is more intelligent and accurate. The company said the model was trained on about 70% more images and takes it closer to its competitors. In addition, Adobe said Firefly will now be able to create more realistic photo images.
Adobe’s vice president of generative AI, Alexandru Costin, said its AI features in Photoshop have been 10 times higher than the average major product launch. The executive continued that the latest version gives users more control over AI generation while preserving the creators’ copyrights.
How High Can Adobe Stock Go?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ADBE stock based on 18 Buys, nine Holds, and one Sell assigned in the past three months, as indicated by the graphic above. Furthermore, the average Adobe price target of $600.77 per share implies 12.81% upside potential.
