Citi raised the firm’s price target on Adobe to $675 from $610 and keeps a Neutral rating on the shares. The analyst is expecting a strong Q4 report from Adobe, saying recent price increases should drive one of the largest beats in recent years. While web traffic indicators have moderated, Citi’s price increase analysis suggests Q4 could see $90M in tailwinds from new price increase which may have not been captured in guidance, the analyst tells investors in a research note.
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