{"id":20756,"date":"2023-06-10T01:15:23","date_gmt":"2023-06-10T05:15:23","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/firefly-ai-sends-adobes-stock-to-highest-price-in-more-than-a-year\/"},"modified":"2023-06-10T01:15:24","modified_gmt":"2023-06-10T05:15:24","slug":"firefly-ai-sends-adobes-stock-to-highest-price-in-more-than-a-year","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20756","title":{"rendered":"Firefly AI sends Adobe\u2019s stock to highest price in more than a year"},"content":{"rendered":"
\n

Adobe Inc. shares closed at their highest price in more than a year Friday, after an analyst upgraded the stock ahead of earnings on optimism for the software company\u2019s Firefly artificial-intelligence product.<\/p>\n

Shares of Adobe
\n ADBE,
\n +3.41%<\/bg-quote>
\n rallied as much as 6% to an intraday high of $466.59 Friday, and finished the trading session up 3.4% at $454, their highest close since April 5, 2022, when shares ended the day at $458.58.<\/p>\n

\n

On Thursday, Adobe announced it planned to monetize its Firefly content-creation \u201cco-pilot\u201d by launching the business-scale Firefly for Enterprise sometime in the second half of 2023. In response, Wells Fargo analyst Michael Turrin upgraded Adobe\u2019s stock on Friday and said he is \u201cmore confident [generative] AI is a tailwind to Adobe as we expect much of the early value to accrue to established platforms & see potential for further breakout as products are monetized.\u201d<\/p>\n

With Firefly, Adobe joined the likes of Microsoft Corp.
\n MSFT,
\n +0.47%<\/bg-quote>,<\/span>
\n which has invested billions in OpenAI\u2019s ChatGPT; Alphabet Inc.\u2019s
\n GOOG,
\n +0.16%<\/bg-quote><\/p>\n

GOOGL,
\n +0.07%<\/bg-quote>
\n generative-AI product Bard and Google Cloud enterprise offerings; Meta Platforms Inc.\u2019s\u00a0
\n META,
\n +0.14%<\/bg-quote>
\n eponymous Meta AI; Nvidia Corp.\u2019s
\n NVDA,
\n +0.68%<\/bg-quote>
\n own Nvidia AI; and Amazon.com\u00a0Inc.\u2019s\u00a0
\n AMZN,
\n -0.66%<\/bg-quote>
\n free machine-learning tools for users.<\/p>\n

Firefly \u201cpresents a much needed next act for Adobe\u201d and is a natural extension of the company\u2019s entrenched position within digital media, Turrin said. He upgraded the stock to an overweight rating from equal-weight and hiked his price target to $525 from $420.<\/p>\n

Other analysts also checked in before Adobe\u2019s fiscal second-quarter earnings report, which is scheduled for June 15. In its previous report, Adobe hiked its outlook, and executives showed they were prepared to fight for the company\u2019s $20 billion acquisition of interactive-design platform Figma, which is expected to close by the end of the year.<\/p>\n

TD Cowen analyst Derrick Wood, who has an outperform rating and raised his price target to $500 from $415, said his surveys show stability in digital media end markets, which he finds encouraging coming off a strong first quarter. <\/p>\n

\u201cWe expect a solid beat & modest raise, and a very upbeat tone around the innovation in monetizable GenAI that is being unleashed to the market,\u201d Wood said. <\/p>\n

Citi Research analyst Tyler Radke, who has a neutral rating and hiked his price target to $462 from $365, warned, however, that Adobe\u2019s upside might be limited. <\/p>\n

While Radke said he was \u201cincrementally positive\u201d heading into earnings, he noted that he \u201cwould like to see more signs of sustainable strength in core [digital media] trends amidst Adobe lapping price tailwinds, ongoing Figma M&A overhang, and more confidence that Adobe\u2019s incremental monetization of GenAI can offset increased competition.\u201d<\/p>\n

Of the 36 analysts who cover Adobe, 20 have buy-grade ratings and 16 have hold ratings, with an average price target of $435.66. The stock has not carried a sell-grade rating since it held one briefly in August 2021, according to FactSet data.<\/p>\n

Adobe shares are up 34.9% year to date, while the tech-heavy Nasdaq Composite Index
\n COMP,
\n +0.16%<\/bg-quote>
\n is up 26.7%, the S&P 500
\n SPX,
\n +0.11%<\/bg-quote>
\n has advanced 12% and the iShares Expanded Tech-Software Sector exchange-traded fund
\n IGV,
\n +0.91%<\/bg-quote>
\n has grown 29.1%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Adobe Inc. shares closed at their highest price in more than a year Friday, after an analyst upgraded the stock ahead of earnings on optimism for the software company\u2019s Firefly artificial-intelligence product. Shares of Adobe ADBE, +3.41% rallied as much as 6% to an intraday high of $466.59 Friday, and finished the trading session up […]<\/p>\n","protected":false},"author":1,"featured_media":20757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-20756","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nFirefly AI sends Adobe\u2019s stock to highest price in more than a year | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Adobe Inc. shares closed at their highest price in more than a year Friday, after an analyst upgraded the stock ahead of earnings on optimism for the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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