Barclays upgraded Adobe to Overweight from Equal Weight with a price target of $700, up from $680, following the news that the company and Figma will no longer pursue a merger deal. Implied dilution has kept the firm on the sideline since deal announcement, but now that this overhang is lifted the analyst thinks upside to estimates, and more optionality in the Firefly Gen AI opportunity, could support the stock’s multiple.
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