Adobe Earns an Upgrade on AI Potential 
<p>BMO Capital analysts upgraded <a href='https://financialmodelingprep.com/financial-summary/ADBE'>Adobe (NASDAQ:ADBE)</a> to Outperform from Market Perform and increased their price target to $570.00 from $500.00, noting it believes the software company can attract new users through generative artificial intelligence (AI).</p>
<p>The analysts stated that the stock upgrade is based on the assumption that new users and price/mix will outweigh generative AI efficiency gains. The early availability of Firefly, a controlled beta version, has garnered interest from millions of users, including non-Creative Cloud users. </p>
<p>Positive feedback from BMO's Adobe Express survey further reinforces their bullish stance. The analysts predict new annual recurring revenue (ARR) to remain around $1.8 billion through fiscal 2024. Despite the recent stock price increase, the analysts see additional upside compared to other large-cap growth stocks.</p>

NASDAQ:ADBE