Wells Fargo raised the firm’s price target on Adobe (ADBE) to $470 from $430 and keeps an Overweight rating on the shares. The firm says that Q2 was a step in a better direction, but with modest change and an uphill AI battle expected, shares more sideways for now. Wells believes a favorable setup is forming as new price impacts layer on, presenting potential for more meaningful second half of the year re-rate.
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