On September 14, Adobe rose 3.76% in pre-market trading, trading at $261.36/share, with turnover of $40.79 million. The rally was driven by strong fiscal Q3 results and a wave of analyst target price upgrades.

Adobe reported Q3 revenue of $6.76 billion, up 13% year-over-year, beating the consensus estimate of $6.693 billion. Adjusted EPS came in at $6.13, surpassing the $6.09 estimate. The company raised its full-year revenue and EPS guidance, with full-year revenue now expected at $26.576–$26.626 billion versus the prior $26.5–$26.6 billion range. Monthly active users crossed 1 billion for the first time, while AI-related annual recurring revenue surged 150% year-over-year to $650 million.

Following the results, multiple institutions revised their price targets upward: RBC maintained its outperform rating with a $315 target, Piper Sandler raised to $250, Stifel to $225, Mizuho to $260, and Goldman Sachs lifted to $200 while keeping a sell rating. The average analyst target stands at approximately $266.57.

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