Adobe price target raised to $425 from $350 at Evercore ISI

Evercore ISI analyst Kirk Materne raised the firm’s price target on Adobe to $425 from $350 and keeps an Outperform rating on the shares after the company delivered "solid" Q4 results to finish up what he calls "a bit of a choppy year by Adobe’s standards." While cautioning that he thinks shares could be "trapped in a bit of a range near-term" until the Figma deal closes, Materne thinks the FY23 set up "looks reasonable" and calls Adobe "one of the better ‘growth + profit’ stories in software."