Adobe's AI Product Draws Analyst Praise

The security is on track for its third-straight weekly win

Digital Content Manager
Sep 8, 2023 at 10:10 AM
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Adobe Inc (NASDAQ:ADBE) secured an upgrade from Mizuho to "buy" from "neutral" this morning, as well as a price-target hike to $630 from $520. The analyst in question cited the company's accelerating web traffic and revenue upside for its digital media segment, while praising its generative artificial intelligence (AI) product Adobe Firefly. Barclays and TD Cowen followed suit, raising their price objectives to $620 and $600, respectively. 

Last seen up 0.5% to trade at $563.43, the equity earlier notched a fresh one-year high of $570.23. The 20-day moving average has been providing support for the shares since late May, contributing to their 66.5% year-over-year lead. ADBE is on track for its third-straight weekly win, too.

Short-term options traders are more bearish than usual, per the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.27 that ranks in the 91st percentile of readings from the past 12 months.

Today's options pits indicate a shift is taking place, though. So far, 3,693 calls have crossed the tape, which is double the intraday average volume. Most popular is the weekly 9/8 570-strike call, which expires at the close. 

 

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