Wells Fargo analyst Phil Winslow raised his price target for Adobe to $285 from $275 following the company's Financial Analyst Meeting, where the company announced new product features and enhancements, provided preliminary FY20 targets, and increased TAM expectations. Winslow tells investors in a research note that although he is impressed by Adobe's successful transition to subscription and ability to increase its total addressable market, he believes that the stock's current valuation reflects these trends along with much of the Experience Cloud opportunity ahead. The analyst reiterates a Market Perform rating on the shares.