BMO Capital analyst Keith Bachman raised the firm’s price target on Adobe to $395 from $390 and keeps a Market Perform rating on the shares. The increased price target reflects the firm’s confidence in Adobe to meet or exceed its Digital Media net new annual recurring revenue guide, the analyst tells investors in a research note. BMO Capital added that Adobe’s valuation is attractive at current levels, especially compared to its large cap peers, though the concerns around its Figma deal and the growth potential of organic Adobe Creative Cloud keeps its rating at neutral.
Published first on TheFly
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