Adobe price target raised to $605 from $590 at Evercore ISI

Evercore ISI raised the firm’s price target on Adobe to $605 from $590 and keeps an Outperform rating on the shares after Adobe delivered “solid” fiscal Q3 results. Despite the solid results, the firm is not surprised by the “muted reaction” in the stock given the strong year-to-date run. Evercore expects most investors will shift their attention to the analyst day coming on October 10, where the company will provide more insight on adoption trends and its Generative AI opportunity.