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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POSITIVE IMPACT
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.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100