Adobe price target raised to $382 from $337 at Morgan Stanley

Morgan Stanley analyst Keith Weiss raised the firm’s price target on Adobe to $382 from $337 and keeps an Equal Weight rating on the shares following "a solid quarter" highlighted by Digital Media net new annual recurring revenue, or ARR, of $576M that beat consensus expectations and Digital Experience revenues growth of 16% year-over-year in constant currency that also exceeded consensus expectations. Maintaining the "current conservative guide keeps a low bar for FY23," according to Weiss, who adds that his view of a durable mid-teens EPS growth "looks appropriately priced in."