Adobe Gets Price Target Boost After Strong Q2 As Analyst Sees 'New Era Of Growth' On AI Tailwinds
Portfolio Pulse from Shanthi Rexaline
Adobe Systems, Inc. (NASDAQ:ADBE) stock rallied after strong Q2 results, with revenue rising 9.8% YoY. Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and increased the price target from $500 to $572. Bracelin highlighted the success of Adobe's generative AI system, Firefly, and expressed optimism about the healthy guidance across Creative and Document Clouds.
June 16, 2023 | 11:28 am
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Adobe's strong Q2 results and Piper Sandler's increased price target from $500 to $572 signal potential growth for the stock. The success of Adobe's AI system, Firefly, also contributes to the positive outlook.
Adobe's Q2 results showed a 9.8% YoY revenue increase, surpassing estimates. Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and raised the price target from $500 to $572, indicating a positive outlook for the stock. Additionally, the success of Adobe's generative AI system, Firefly, and healthy guidance across Creative and Document Clouds contribute to the potential growth of the stock.
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