Adobe price target raised to $660 from $600 at Jefferies

Jefferies raised the firm’s price target on Adobe to $660 from $600 and keeps a Buy rating on the shares ahead of the fiscal Q3 report. The analyst increased estimates to reflect a “healthier” demand environment, including double-digit sequential growth in traffic to Adobe.com and “encouraging” expert checks. While the stock setup is “trickier” following the 67% rally year-to-date, Adobe’s valuation “remains reasonable,” the analyst tells investors in a research note. Real-time data channel checks have been positive, including traffic data up 14% quarter-over-quarter versus the typically slow summer seasonality, the analyst tells investors in a research note.