Why Adobe’s Stock Is Trading Higher Today – Benzinga

Adobe Inc. (NASDAQ: ADBE) shares are trading higher after Morgan Stanley maintained its Overweight rating on the stock and raised its price target from $450 to $560 per share.

Morgan Stanley analyst Keith Weiss attributes a bullish price target to two catalysts:

1. “The current valuation at 41X P/E or a 2.0X PEG against CY21 estimates, while ahead of historical levels, still undervalues the entire asset relative to peers.”
2. “Improved and more consistent execution in the Digital Experience segment could have an outsized impact on the overall Adobe multiple.”
3. Adobe Inc. operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content.

Adobe’s stock was trading up 1.63% at $479.04 per share on Monday at the time of publication. The company has a 52-week high of $536.88 and a 52-week low of $255.13.