Adobe price target raised to $650 from $625 at Wells Fargo

Wells Fargo raised the firm’s price target on Adobe to $650 from $625 and keeps an Overweight rating on the shares. Despite elevated expectations heading into the quarter, Adobe held the line with solid upside on both EPS and Net New ARR, the analyst tells investors in a research note. The firm expects Adobe to expand its AI product roadmap at next month’s Max conference.