{"id":23588,"date":"2023-06-16T15:19:40","date_gmt":"2023-06-16T19:19:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/adobe-stock-rises-after-earnings-what-wall-street-thinks\/"},"modified":"2023-06-16T15:19:41","modified_gmt":"2023-06-16T19:19:41","slug":"adobe-stock-rises-after-earnings-what-wall-street-thinks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23588","title":{"rendered":"Adobe Stock Rises After Earnings. What Wall Street Thinks."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000672457\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Adobe<br \/>\n       stock was getting another boost early Friday after the company raised its fiscal-year outlook and championed its prospects to \u201clead the new era of generative AI.\u201d <\/p>\n<p>A number of analysts hiked their price targets on the stock after the company\u2019s earnings but some feel it\u2019s time to move to the sidelines, as much of the AI upside already has been priced in.<\/p>\n<div class=\"paywall\">\n<p>The stock has climbed around 40% over the past month. The company recently announced plans to charge commercial customers for its Firefly software, which enables content creators to turn text into images, audio, illustrations, videos and 3-D images.<br \/>\n        Adobe<br \/>\n       shares rose 3.3% higher to $507 in premarket trading Friday.<\/p>\n<p>D.A. Davidson analyst Gil Luria said<br \/>\n        Adobe<br \/>\n       (ticker: ADBE) delivered a \u201csolid beat and raise quarter\u201d and that its generative AI products were \u201cimpressive\u201d and competitive, with its established user base giving it broader market reach. But he maintained a Neutral rating on the stock, with a target price of $500, implying a 2% upside to the closing price Thursday.<\/p>\n<p>\u201cAll in, we are encouraged by Adobe\u2019s positioning in the emerging AI era, but we believe the near-term upside is reflected on [the] recent 35%+ move in the shares, keeping us Neutral rated,\u201d Luria said.<\/p>\n<p>Analysts at Oppenheimer, who rate the stock at Perform, said in a research note the company \u201ccontinues executing well amidst a challenging operating environment for front-office suppliers,\u201d and that \u201cinvestor enthusiasm is high for the company\u2019s AI positioning.\u201d<\/p>\n<p>\u201cWe carry a favorable view of management\u2019s execution and Adobe\u2019s future, but think the stock projects a balanced risk\/reward profile at current levels,\u201d Oppenheimer added.<\/p>\n<p>RBC Capital Markets analysts were more bullish, raising their price target on Adobe to $555 from $460. \u201cWe continue to feel the strategic alignment of creative and experience has never been better,\u201d they said, raising estimates following the company\u2019s earnings. <\/p>\n<p>Piper Sandler raised its price target to $572 from $500, keeping an Overweight rating on the stock, while J.P. Morgan raised its target to $490 from $450, sticking to a Neutral rating, according to the Fly. Goldman Sachs, which has a Buy rating on the shares, lifted its price target to $550 from $480.<\/p>\n<p>Analysts on Wall Street have an average target price of $456.83 on the stock, according to FactSet data, suggesting a 7% fall from Thursday\u2019s price. Of those covering the stock, 53% rate it Buy and 47% have a Hold rating. <\/p>\n<p>Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/adobe-stock-ai-price-rally-analysts-10128ac6?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adobe stock was getting another boost early Friday after the company raised its fiscal-year outlook and championed its prospects to \u201clead the new era of generative AI.\u201d A number of analysts hiked their price targets on the stock after the company\u2019s earnings but some feel it\u2019s time to move to the sidelines, as much of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-23588","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Adobe Stock Rises After Earnings. 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