Adobe price target raised to $650 from $572 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Adobe to $650 from $572 and keeps an Overweight rating on the shares. The company’s “solid” Q3 results marked the third straight quarter of 13% constant currency growth, which reinforces the view that 2023 “could usher in a new growth era after two years of moderation,” the analyst tells investors in a research note. The firm remains optimistic that Adobe’s growth could reaccelerate next year driven by new pricing, new products and generative artificial intelligence tailwinds. Piper recommends large-cap growth investors add to positions on weakness ahead of the Adobe analyst and user event on October 10.