Morgan Stanley analyst Keith Weiss upgraded Adobe to Overweight from Equal Weight with a price target of $660, up from $510. The analyst says greater clarity on the company’s artificial intelligence-enabled products and the monetization road map increase the firm’s confidence in reaccelerating the Creative Cloud organic growth engine. A return to mid/high-teens earnings growth over the next three years warrants upside to Adobe’s multiple, the analyst tells investors in a research note.
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