Adobe price target raised to $385 from $340 at Barclays

Barclays analyst Saket Kalia raised the firm’s price target on Adobe to $385 from $340 and keeps an Equal Weight rating on the shares. The company’s fiscal Q1 net new annual recurring revenue and fiscal 2023 guidance raise "was down the middle," reflecting good top of funnel, and adoption of premium products like Stock and Substance, the analyst tells investors in a research note.