Adobe Jumps To A 52-Week High On AI News

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Adobe (ADBE) rallied to a new high Friday following an announcement about its new artificial intelligence software Thursday. Several analysts took notice with price-target increases or upgrades.

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The digital media company announced its Firefly for Enterprise application for generative AI. Its beta version launched in March and it will be available to customers in the second half of this year.

The application will also work with Creative Cloud and Adobe Express. Adobe also announced generative AI enhancements to it Adobe Experience Platform.

Several analysts raised their price targets on ADBE stock on the news. IBD reported that Mizuho raised the price target to 450 from 375, and Wells Fargo upgraded shares to overweight and raised the price target to 525.

Shares gapped up in heavy volume on Friday, topping a 451.15 buy point from a long and deep cup base. The 5% buy zone goes to 473.71.

The relative strength line hit a new 52-week high, as shown by the blue dot on its MarketSmith charts. Shares have gained around 35% this year so far and 66% from the 274.73 low on Sept. 27.

Adobe exceeded analyst expectations on March 15 and will report its May-quarter earnings on Thursday.

Graco Hits All-Time New High

Graco (GGG) climbed to all-time new high Friday also. Shares broke out of a flat base and hit the 80.90 buy point on Wednesday. They remain in buy range to 84.95.

The base started after GGG soared 12.6% following its better-than-expected Q1 announcement on April 26. Shares consolidated gently, forming the latest base.

Earnings for the industrial machinery company grew 30% and sales rose 7%. Management reaffirmed its full-year low-single-digit revenue growth guidance.

Follow Kimberley Koenig for more stock market news on Twitter @IBD_KKoenig.

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