Adobe price target raised to $450 from $380 at JPMorgan

JPMorgan raised the firm’s price target on Adobe to $450 from $380 and keeps a Neutral rating on the shares. The analyst is “positively biased” into the company’s fiscal Q2 results and expects the company to demonstrate “relative resilience, despite what continues to be a choppy macro backdrop for enterprise software peers.” The firm continues to view Adobe’s reset fiscal 2023 revenue growth guidance as an achievable growth bar, likely baking in some conservatism. However, the stock’s 41% year-to-date run-up presents a balanced risk/reward dynamic in the near-term, the analyst tells investors in a research note.