Adobe price target raised by $7 at Bernstein, here’s why

Bernstein analyst Mark Moerdler raised the firm’s price target on Adobe to $667 from $660 and keeps an Outperform rating on the shares. Adobe delivered a solid quarter to close out the fiscal year, beating expectations on all major metrics, but guidance for Q1 and FY24 was lower than the Street expected, the analyst tells investors in a research note. The firm feels expectations heading into the quarter were particularly high, which clashed with management being conservative.