Adobe price target raised to $470 from $385 at Morgan Stanley

Morgan Stanley analyst Keith Weiss raised the firm’s price target on Adobe to $470 from $385 and keeps an Equal Weight rating on the shares. Adobe shares have outperformed the software average over the last three months with their 31% advance, but “the path has not been linear as Adobe moved swiftly from investors’ ‘AI loser’ list, before being viewed as an ‘AI winner,'” the firm tells investors. While the firm’s Q2 checks point to durable demand, AI and Figma are likely to “dominate the narrative” and remain key to upside for Adobe, the analyst added in a Q2 earnings preview note.