The firm upgraded shares to overweight from equal weight.
Artificial intelligence is a boon to Adobe that can't be ignored, according to Wells Fargo. Analyst Michael Turrin upgraded the software stock to overweight from equal weight and raised his price target to $525 from $420. Turrin's new target implies a 19.6% upside from where shares finished Thursday. "The AI debate continues to drive ADBE," he said in a note to clients Friday.
mountain Adobe, year to date Turrin said the competitive environment is moderating for Adobe, especially considering AI art generator Firefly "presents a much needed next act" and is a "natural extension" of the company's focus on digital media. He also said organizations attempting to cut costs within IT should help increase the popularity of Adobe's DM and DX platforms. He also said the DM platform should have improved pricing power thanks to Firefly.
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