Information Provided By:
Fly News Breaks for January 16, 2020
Jan 16, 2020 | 07:41 EDT
Wells Fargo analyst Phil Winslow raised his price target for Adobe to $345 from $315, while keeping an Equal Weight rating on the shares. The analyst anticipates continued healthy growth in software spending in 2020 and expects software stocks as a whole to relatively outperform the market. Furthermore, Winslow believes the next decade will bring "massive advances" toward a more fully connected and immersive world - one in which artificial intelligence and machine learning, natural language processing, augmented reality, 5G, edge/fog, and the Internet of Things mature and become both commonplace and transformative. He expects software to be a key enabler of this increasingly connected decade.