BMO Capital raised the firm’s price target on Adobe to $690 from $670 and keeps an Outperform rating on the shares. The company’s Document Cloud product has the potential to be a material AI beneficiary and may have been overlooked by investors, the analyst tells investors in a research note. BMO adds that it sees Adobe posting upside to estimates for Digital Media net new ARR for the November quarter, also estimating net new ARR to be $2.0B-$2.1B in FY24.
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