Adobe price target raised by $40 at Wells Fargo, here’s why

Wells Fargo raised the firm’s price target on Adobe to $690 from $650 and keeps an Overweight rating on the shares. While the initial guide represents an important hurdle ahead of a transformative year, the firm views the Q4 setup as fairly clean, with Firefly gaining traction and continues to expect the AI-enabled service will deliver upside to 2024.