Adobe (ADBE) announced Thursday a new enterprise application of its Firefly software for generative artificial intelligence. ADBE shares soared on the news.
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The company’s Firefly for Enterprise will enable employees across the organization to generate “beautiful, branded, share-ready content,” regardless of creative skill level, Adobe said in a news release. You can also edit images created with AI in Adobe Express or Creative Cloud.
Firefly for Enterprise will allow organizations to accelerate the creation of digital content for internal and external audiences while optimizing costs, Adobe said.
Generative AI can create content such as articles, images, videos, and music from simple descriptions. Artificial intelligence systems analyze and digest vast amounts of data to create new works.
ADBE Stock News: Firefly For Enterprise Coming Soon
The new Adobe Firefly for Enterprise offering is expected to be available in the second half of 2023.
Launched in March, Firefly’s first model is trained on Adobe Stock images, openly licensed content, and other public domain content with expired copyrights.
Additionally, Adobe plans to allow companies to custom train Firefly with their own branded assets. This allows businesses to generate content in a style unique to their brand.
Also on Thursday, Adobe announced new generative AI capabilities for its customer experience management platform, the Adobe Experience Cloud.
ADBE stock raises target price
On the stock market today, ADBE shares rose 5% to close at 439.03. The IBD Marketsmith chart shows ADBE shares approaching the buy point of 451.15 on a cup basis.
Meanwhile, ADBE stock has had its price target raised twice by Wall Street analysts.
Piper Sandler analyst Brent Braiselin on Wednesday raised his price target on ADBE stock to $500 from $415. He also reiterated his own rating as overweight, or bye.
“We are becoming more and more convinced of the bullish claims about ADBE,” Bracerin said in a client memo. “The pace of innovation is accelerating, evidenced by the new generation of his AI capabilities being built into his Acrobat, Express, Photoshop and Premiere Pro,” he said.
On Thursday, Deutsche Bank analyst Brad Zelnick raised his price target on ADBE shares to ¥500 from ¥430, leaving his buy rating unchanged. He expects Adobe to match Wall Street’s expectations when it reports its second-quarter results on June 15.
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