Adobe price target raised to $390 from $332 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Adobe to $390 from $332 and keeps a Market Perform rating on the shares. Bachman thinks Adobe delivered a good quarter in a challenging macro backdrop highlighted by a beat in net new ARR, and believes the $1.65B net new ARR guide for FY23 appears incrementally more reasonable if not conservative, the analyst tells investors in a research note.