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BofA Securities upgraded Adobe Systems (NASDAQ:ADBE) to Buy from Neutral and raised its price target to $630.00 from $575.00, given the company’s potential to harness AI for substantial additional revenue in FY24.
The bank identifies several potential avenues for AI monetization, such as (1) offering paid subscriptions for Firefly, (2) selling credit packs for Firefly usage, and (3) establishing custom agreements with global brands to integrate data and LLMs with Adobe’s services.
Wells Fargo upgraded Hawaiian Electric Industries (NYSE:HE), the largest electricity supplier in Hawaii, to Equal Weight from Underweight with a price target of $8.00 (from $25.00), as reported in real-time on InvestingPro.
Shares have fallen by more than 65% since Aug 8, as the company faces litigation and a financial crisis over indications that its power lines may have had a role to play in igniting Maui’s deadly wildfires.
The Wall Street Journal reported on Wednesday that the company is in talks with restructuring-advisory firms over the options it has to address its financial and legal hurdles.
Marvell Technology (NASDAQ:MRVL) shares rose more than 1% pre-market today after B. Riley upgraded the company to Buy from Neutral and raised its price target to $75.00 from $60.00.
The company is set to report its Q2/24 earnings on Aug 25. Street estimates stand at $0.32 for EPS and $1.33 billion for revenues.
Citi upgraded CRISPR Therapeutics (NASDAQ:CRSP) to Buy from Neutral with a price target of $70.00.
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