10 Tech Stocks That Trump’s Fellow Republican Bought Amid Market Rout

3. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 117

Adobe Inc. operates in Digital Experience, Digital Media, and Publishing and Advertising segments. It offers training, technical support, consulting, customer management, and learning services.

KeyBanc Capital Markets upgraded the tech firm last month from Underweight to Sector Weight, citing the limited downside risk and fair valuation. Analysts led by Jackson Ader think that there is a limited chance for further decrease and predict stable fundamentals throughout the fiscal year.

At the end of March, the company received another upgrade by Argus. Citing potential for double-digit growth in earnings per share and revenue fueled by its generative artificial intelligence tools, Argus reiterated its Buy rating on the tech giant. Argus also maintained its price target of $600 on the stock.

Seeing that the stock has corrected considerably from those levels, it now sits at an even attractive price than last month. Argus analyst Joseph Bonner highlighted the company’s growth potential by saying:

“We think that Adobe will continue to ramp up investment in new product extensions, particularly around generative AI, as it pursues a rapidly expanding total addressable market.”

The firm anticipates its artificial intelligence product revenue to double by the end of 2025 from $125 million to $250 million.