Adobe price target raised to $400 from $395 at BMO Capital

BMO Capital raised the firm’s price target on Adobe to $400 from $395 but keeps a Market Perform rating on the shares. The company’s Q1 earnings beat and FY23 guidance raise should provide near-term confidence in demand and execution, though the firm’s longer-term concerns with Adobe – especially the deal risk of Figma – remain intact, the analyst tells investors in a research note. BMO also warns that it expects Adobe’s growth to slow in part due to increasing competitive pressures.