As previously reported, BMO Capital analyst Keith Bachman upgraded Adobe to Outperform from Market Perform with a price target of $570, up from $500. The firm believes that Adobe can capture price/mix, as well as new users, through generative AI, adding that its recent survey feedback on Adobe Express has been positive. BMO thinks net new ARR can sustain in about a $1.8B range through FY24 and believes that upside remains, particularly when compared with other large cap growth stocks, despite the stock having moved higher over the past few months.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on ADBE:
- Adobe Stock (NASDAQ:ADBE): Riding High on AI; Analysts Optimistic
- Adobe upgraded to Outperform from Market Perform at BMO Capital
- Adobe’s (NASDAQ:ADBE) Figma Deal in Jeopardy; EU Gears Up for Formal Probe
- EU plans to launch ‘phase 2’ probe into Adobe’s $20B Figma deal, FT reports
- IBM and Adobe’s Joint AI Effort to Conquer Supply Chains