Evercore ISI analyst Kirk Materne raised the firm’s price target on Adobe (ADBE) to $700 from $605 and keeps an Outperform rating on the shares, which the analyst has added to the firm’s “Core Ideas” list while removing Salesforce (CRM). IT budgets are set to move higher and the firm believes the “platform” companies remain well positioned to take share, the analyst tells investors. AI should have a positive impact on IT spending in 2024 according to the firm’s survey work and Evercore believes Microsoft (MSFT) and Adobe “have the most direct way to monetize Gen AI,” the analyst added.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ADBE:
- Adobe’s (NASDAQ:ADBE) Figma Deal in Jeopardy as EU Preps to Oppose
- Adobe management to meet with Oppenheimer
- Adobe price target raised to $670 from $645 at BMO Capital
- Adobe Stock (NASDAQ:ADBE): AI Prospects are Being Overlooked
- Adobe (NASDAQ:ADBE): Analysts Like This Momentum-Fueled Stock
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue