Adobe price target raised to $400 from $375 at Stifel

Stifel analyst J. Parker Lane raised the firm’s price target on Adobe to $400 from $375 and keeps a Buy rating on the shares after the company delivered what he called "a clean finish to FY22, highlighted by a record net new Digital Media quarter." After management reiterated the guidance it laid out for FY23 at its analyst day in October, Lane believes investors will remain focused on the regulatory approval process for the Figma acquisition and the potential impact to the product roadmap once the deal has been completed later in the year, he noted.