Why Adobe Stock Bounced More Than 3% Higher Today
These days, if someone breathes the magic words "artificial intelligence" (AI) at a stock, it can experience a nice price pop. So it was with veteran software company (NASDAQ: ADBE), which saw a more than 3% lift in its share price following an analyst upgrade on Monday. That change was made in no small part on the basis of vast potential with AI.
Before market open that day, Keith Weiss of influential investment bank Morgan Stanley pushed up his recommendation on Adobe one peg to overweight (buy, in other words) from his previous equal weight (hold). In doing so he enacted a dramatic raise of his price target, cranking it $150 higher to $660 per share. If met, that level would be nearly 30% higher than the stock's current value.
In a new research note, Weiss wrote that for Adobe "a framework to size upside from Generative AI in the medium/long-term gets us back on board," with the latest buy rating.
Source Fool.com
Adobe Inc. Stock
With 44 Buy predictions and 2 Sell predictions Adobe Inc. is one of the favorites of our community.
As a result the target price of 590 € shows a positive potential of 43.27% compared to the current price of 411.8 € for Adobe Inc..
