Oppenheimer upgraded Adobe to Outperform from Perform with a $660 price target. The analyst sees strengthening business momentum, a favorable outlook for fiscal 2024, and “durable growth” for Adobe based on positive fundamental trends and its top position in software for the generative artificial intelligence opportunity gleaned from the firm’s customer and industry surveys. Adobe investors will be rewarded through yearend and next fiscal year as concerns on penetration, pricing tolerance, and generative AI weakening the competitive moat dissipates, the analyst tells investors in a research note.
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