BMO Capital raised the firm’s price target on Adobe (ADBE) to $600 from $580 and keeps an Outperform rating on the shares ahead of its Q4 results next week. The firm expects upside to Adobe’s net new annual recurring revenue – ARR – guide of $550M, with upside to Document Cloud business, and the management will likely guide conservatively and below the ending net new ARR for FY24, which could be about $2B, the analyst tells investors in a research note.
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