Adobe price target raised to $660 from $630 at BofA

BofA analyst Brad Sills raised the firm’s price target on Adobe to $660 from $630 and keeps a Buy rating on the shares after the company reported “strong” Q3 results and raised its Q4 guidance “across almost all metrics.” The company’s “strong” guidance for Q4 new net Digital Media ARR includes little impact from the 6% to 10% price increase announced Wednesday, notes the firm, which believes that the price increase will likely drive the Street’s “conservative” FY24 ARR growth estimate higher as the increase is rolled into renewals.