Adobe price target raised to $700, added to ‘Core Ideas’ list at Evercore ISI

Evercore ISI analyst Kirk Materne raised the firm’s price target on Adobe (ADBE) to $700 from $605 and keeps an Outperform rating on the shares, which the analyst has added to the firm’s “Core Ideas” list while removing Salesforce (CRM). IT budgets are set to move higher and the firm believes the “platform” companies remain well positioned to take share, the analyst tells investors. AI should have a positive impact on IT spending in 2024 according to the firm’s survey work and Evercore believes Microsoft (MSFT) and Adobe “have the most direct way to monetize Gen AI,” the analyst added.