Adobe (ADBE) rose to new highs on Friday after Thursday’s announcement of new artificial intelligence software. Several analysts focused on raising the target price and upgrading the rating.
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The digital media company has announced a Firefly for Enterprise application for generative AI. The beta version he released in March and will be available to customers in the second half of this year.
This application also works with Creative Cloud and Adobe Express. Adobe also announced generative AI enhancements to Adobe Experience Platform.
The news prompted several analysts to raise their price targets on ADBE shares. IBD reported that Mizuho raised its price target from 375 to 450, and Wells Fargo raised its price target to 525 by raising its stock price to overweight.
The stock rose sharply on Friday, breaking the long and deep cup base above the buy point of 451.15. 5% buy zone up to 473.71.
The relative force line hit a 52-week high, as indicated by the blue dot on the MarketSmith chart. Shares are up about 35% year-to-date and up 66% from a Sept. 27 low of 274.73.
Adobe beat analyst expectations on March 15 and is set to report its May quarter results on Thursday.
Graco hits all-time high
Graco (GGG) also hit a new all-time high on Friday. The stock broke out of its flat base and reached a buy point of 80.90 on Wednesday. It remains in a buying range until 84.95.
The rule came after GGG surged 12.6% following the better-than-expected Q1 announcement on April 26. Stocks have loosely consolidated to form the modern norm.
Revenue for this industrial equipment company increased by 30% and sales increased by 7%. Management reaffirmed its full-year sales growth outlook of low-single digits.
For more stock market news, follow Kimberley Koenig on Twitter @IBD_KKoenig.
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