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Analysts rush to upgrade Adobe stock on increasing AI opportunity

Published Oct 26, 2023 06:42AM ET
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© Reuters. Analysts rush to upgrade Adobe stock on increasing AI opportunity
 
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Adobe (NASDAQ:ADBE) stock was seen trading higher in early Thursday trade after at least two Wall Street analysts raised their ratings.

DA Davidson analysts upgraded to Buy and added to the firm’s ‘Best-of-Breed Bison’ list, which consists of a select group of long-term best-in-class companies with sustainable competitive moats.

“We believe ADBE fits all of the 12 evaluation criteria required to qualify as a “Best-of-Breed Bison” name within our framework, including its position as a market leader in a >$200B FY’24 TAM, robust & predictable revenue streams, sustainable competitive advantage, exceptional financials, a powerful brand, and a shareholder-oriented management team,” the analysts explained.

Similarly, Oppenheimer analysts raised the rating to Outperform with a price target of $600 per share.

“We see a strengthening business momentum, a favorable outlook for FY2024, and durable growth based on positive fundamental trends and a top position in software for the generative AI opportunity gleaned from our customer and industry surveys,” they said.

Oppenheimer is optimistic about Adobe's prospects and believes that investors will see rewards by the end of the year and into the next fiscal year. The concerns related to market penetration, pricing tolerance, and the impact of generative AI on competitive advantage are expected to diminish.

Furthermore, investors are likely to gain a better understanding of how Adobe's internal R&D efforts, as well as its Firefly product strategy, have revitalized its product offerings.

This positions the company favorably for sustainable growth by attracting more users and capitalizing on its substantial existing user base, according to the analysts.

Analysts rush to upgrade Adobe stock on increasing AI opportunity
 

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