Adobe price target raised to $360 from $350 at Wells Fargo

Wells Fargo analyst Michael Turrin raised the firm’s price target on Adobe to $360 from $350 and keeps an Equal Weight rating on the shares. The firm notes Adobe’s Q1 results were clean, with a surprise increase in the 2023 ARR and EPS outlook, helping support the view targets were conservatively framed. Key questions going forward are tied to the company’s ability to meet DX targets ROY and bring Figma to closure, Wells adds.