Analysts at investment Citi Bank liked what they saw at Adobe’s (NASDAQ:ADBE) annual Max conference, which took place this month. According to the analysts, the conference gave insights into the pace of innovation at the company in past years. While at the conference, Citi said Adobe engineers had presented 11 new technologies set to roll out in the next couple of months. The analysts also noted the company’s effort in integrating generative artificial intelligence into the business, which they deemed impressive.
“Customers thought ‘Project Fast Fill’ was Adobe’s most interesting and useful tool, which could likely be launched in the next several months,” Citi analyst Tyler Radke, who has a Neutral rating and a $610 price target on Adobe, wrote in a note. He added that Fast Fill is an AI feature that Adobe introduced in Photoshop but for video. Customers also reacted positively to products like Stardust, an object-aware editing platform that recognizes items in images and makes it simple to move, alter, or remove them. Adobe’s video Upscaler also garnered a similar reaction.
Meanwhile, the European Commission on Thursday resumed its investigation into Adobe’s $20 billion planned acquisition of Figma. Last month, the regulator ceased its probe into the acquisition, saying it needed more information from the two companies.
Is Adobe Stock a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ADBE stock based on 12 Buys, seven Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average ADBE price target of $607.00 per share implies 8.26% upside potential.
