Adobe (ADBE) hit a new high on Friday after announcing its new artificial intelligence software on Thursday. Several analysts took note of price target increases or upgrades.
The digital media company has announced its Firefly for Enterprise app for generative AI. Its beta version was launched in March and will be available to customers in the second half of this year.
The app will also work with Creative Cloud and Adobe Express. Adobe also announced generative AI enhancements for Adobe Experience Platform.
Several analysts raised their price targets on ADBE shares on the news. IBD said Mizuho raised the price target from 375 to 450, and Wells Fargo overweight the stock and raised the price target to 525.
Stocks widened in large volumes on Friday, breaking above a buy point of 451.15 from a long and deep base. The 5% buy zone moves to 473.71.
The relative strength line has reached a new 52-week high, as shown by the blue dot on its MarketSmith charts. The shares have gained about 35% this year so far and 66% from the September 27 low of 274.73.
Adobe beat analysts’ expectations on March 15 and will release its May quarter results on Thursday.
Graco hits a new all-time high
Graco (GGG) also hit a new all-time high on Friday. Stocks broke off a flat base and hit the buy point of 80.90 on Wednesday. They remain in a buy range at 84.95.
The base began after GGG climbed 12.6% following its better than expected first quarter announcement on April 26. The shares consolidated slowly, forming the last basis.
The industrial machinery company’s profits increased by 30% and sales increased by 7%. Management reaffirmed its guidance for full-year revenue growth in the single digits.
Follow Kimberley Koenig for more stock market news on Twitter @IBD_KKoenig.
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