Adobe price target raised to $565 from $410 at Argus

Argus analyst Joseph Bonner raised the firm’s price target on Adobe to $565 from $410 and keeps a Buy rating on the shares. The analyst cites the company’s better than expected Q2 results and guidance raise in spite of the difficult digital advertising market. Argus adds that the proposed $20B purchase of collaboration platform Figma appears to be a “must-have strategic acquisition” for Adobe as the company has been missing a collaboration platform, which is critical due to the rise of work-from-home and hybrid work paradigms. The Figma purchase would fill this gap, though at a high price, the firm tells investors in a research note.