Adobe price target raised to $380 from $345 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Adobe to $380 from $345 and keeps an Overweight rating on the shares post the Q4 results. The analyst says the "healthy finish" to 2022, punctuated by a $25M beat to net new digital media annual recurring revenue, despite increasing macro headwinds, gives him "measured optimism entering next year." The landscape for an expanding portfolio of creative tools and price increases "appears to be helping insulate demand near-term," Bracelin tells investors in a research note.