Barclays raised the firm’s price target on Adobe (ADBE) to $465 from $460 and keeps an Overweight rating on the shares. The company reported net new annual recurring revenue of $500M, which was higher than the upside case, the analyst tells investors in a research note. The firm says Adobe’s artificial intelligence-first ARR surpassed the $250M target one quarter early, effectively doubling in two quarters.
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