Selected stock price target news of the day - October 12th, 2023

By: Matthew Otto

Adobe’s Strategic Leap into Generative AI Garners Analyst Confidence

Adobe’s recent meeting during the Max user conference shed light on the company’s strategic focus on expanding its generative artificial-intelligence tools. The unveiling of the second generation of Adobe’s generative AI image model drew positive attention from analysts, with UBS analyst Karl Keirstead noting that Adobe expressed expectations for another great year and a really strong fourth quarter. While cautioning against overinterpretation, Keirstead acknowledged that such sentiments from Adobe have preceded positive outcomes in the past.

Chief Financial Officer Dan Durn provided insights into Adobe’s financial outlook, indicating a modest impact from AI in the November quarter and anticipating increased influence as the company moves into fiscal 2024 and 2025. Analyst Kirk Materne from Evercore maintained an Outperform rating on Adobe stock with a target price of $605, expressing impressed sentiments about the company’s continued investment in innovation, particularly in generative AI. Additionally, Bernstein analyst Mark Moerdler highlighted Adobe’s unique approach to using AI to enhance the creative process, emphasizing the broad functionality of its image, video, audio, and 3-D generative AI, which he believes will drive growth for years to come.

Adobe Receives Mixed Analyst Reviews

Citi analyst Tyler Radke reiterated a Neutral rating with a $610 price target.
Evercore analyst Kirk Materne reiterated an Outperform rating with a target price of $605.

Which Analyst has the best track record to show on ADBE?

Analyst Matthew Hedberg (RBC) currently has the highest performing score on ADBE with 7/9 (77.78%) price target fulfillment ratio. His price targets carry an average of $98.19 (25.38%) potential upside. Adobe stock price reaches these price targets on average within 158 days.

Exxon’s $60B Acquisition of Pioneer

Exxon Mobil has successfully secured a $60 billion acquisition of Pioneer Natural Resources. The acquisition was initiated last month after informal conversations earlier in the year, and the deal structure involved an all-stock agreement, allowing Exxon to leverage its valuable stock currency.

The acquisition positions the combined company to be a major player in the Permian basin and provides resources for international projects, including Guyana operations. The deal closed relatively quickly, with Exxon paying a 16% premium to Pioneer’s unaffected share price, and Pioneer shareholders receiving over 10% of the combined company.

Analysts Upgrades and Boosts Price Target

CFRA analyst Stewart Glickman raised the price target to $113.
Truist Securities analyst Neal Dingmann upgraded from Hold to Buy and adjusted the price target from $110 to $131.

Which Analyst has the best track record to show on XOM?

Analyst Alastair Syme (CITI) currently has the highest performing score on XOM with 10/12 (83.33%) price target fulfillment ratio. His price targets carry an average of $3.68 (6.71%) potential upside. Exxon Mobil stock price reaches these price targets on average within 240 days.