RIDE - ADBE Stock Alert: Wells Fargo Upgrades Adobe on AI Potential
2023-06-09 11:35:12 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Adobe (NASDAQ: ADBE ) stock is getting a boost on Friday from Wells Fargo analysts upgrading the software company’s shares .
The upgrade has analysts at the firm bumping shares of ADBE stock up from an “equal weight” rating to an “overweight” rating. For the record, the analyst consensus rating for shares is a “hold” based on 27 opinions.
To go along with that upgrade, the Wells Fargo analysts also increased their price target for ADBE stock from $420 per share to $525 per share. That represents a potential 19.6% upside for the stock based on yesterday’s close. It’s also well above the analyst consensus price target of $426.13 per share.
Today’s bullish sentiment from Wells Fargo comes as it highlights the artificial intelligence ( AI ) potential behind ADBE. This comes after the software company introduced generative AI tools to Adobe Experience Cloud apps.
More Analyst Coverage of ADBE Stock
Wells Fargo isn’t the only firm that has taken notice of ADBE stock recently. Several other firms also introduced new price targets for Adobe shares today. Let’s get into that below!
- Citigroup increased its price target for ADBE from $365 to $462, representing a 5.2% upside.
- Mizuho boosted its price prediction for Adobe from $375 to $450, representing a 2.5% upside.
- BMO Capital Markets improved its price target from $400 to $500, representing a 13.9% upside.
ADBE stock is up 4.8% as of Friday morning with some 3.7 million shares on the move. For comparison, the company’s daily average trading volume is about 3.4 million shares.
Investors seeking out even more of the most recent stock market news for today are in the right place!
We have all of the biggest stock market stories that traders are going to want to read about on Friday. A few examples of these include Carvana (NYSE: CVNA ) increasing its outlook, Lordstown Motors (NASDAQ: RIDE ) preparing a lawsuit and Target (NYSE: TGT ) stock getting hit with a downgrade. You can catch up on all of this news at the links below!
More Stock Market News For Friday
- Carvana (CVNA) Stock Continues to Move on Improved Outlook
- RIDE Stock Alert: Lordstown Prepares for Litigation Against Foxconn
- TGT Stock Alert: Have Target’s Sales Numbers Peaked?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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