Adobe price target raised to $650 from $580 at Wolfe Research

Wolfe Research raised the firm’s price target on Adobe to $650 from $580 and keeps an Outperform rating on the shares. The company reported a “strong” fiscal Q3 and Digital Media annual recurring revenue guidance of $520M for 4Q came in above investor and Street expectations, the analyst tells investors in a research note. The firm continues to view Adobe as the largest secular beneficiary from generative artificial intelligence.