Adobe price target raised to $340 from $310 at Wells Fargo

Wells Fargo analyst Michael Turrin raised the firm’s price target on Adobe to $340 from $310 and keeps an Equal Weight rating on the shares. Despite several ST challenges, his discussions suggest Adobe has stabilized of late, and remains well positioned to both meet Q4 targets and maintain the initial 2023 outlook provided at the recent investor day. Turrin also notes any recent improvements also appear appreciated by investors, as Adobe’s shares have increased +24% from recent lows.